Saudi move to cut crude output pulls OMC stocks down further

June 6, 2023

Shares of state-owned OMCs retreated for the second straight day. Bharat Petroleum Corp (BPCL) ended nearly 1% lower at the end of Monday’s trading after falling as much as 1.4% earlier in the session. Shares of Indian Oil Corp (IOC) and Hindustan Petroleum Corp (HPCL) also settled lower after falling 1-2%.

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