Crude oil prices plunged nearly 9% in the afternoon session:
Crude Oil Prices: On Wednesday, March 18th the price of Crude Oil down by almost Rs 1,980 per barrel. The main reason for this is the countries limiting their economic activities and imposed travel restrictions due to Covid-19. Due to this, the crude oil prices are under pressure and there is no demand. So, Oil prices are falling day-by-day in the market.
According to experts’ point of view, crude oil prices remain negative due to “oversupply” and “low demand” in the market. The governments are imposing travel restrictions on different parts of the world. So, this leads to low usage of crude oil. However, many countries are imposing the travel ban, the airlines are more affected and further will affect in the coming weeks.
Meanwhile, the Crude oil prices in March touched its intraday high of Rs 2,036 per barrel. Whereas, the crude oil price touched its intraday low of Rs 1,907 per barrel on MCX. So far, it is low that reports on March 18th and barrel price reported high at Rs 4,604 per barrel.
However, Crude oil prices for the month of March decreased by 8.93% and reached 1,908 per barrel. The April contract will also down to 8.93% at Rs 1,908 per barrel. The contracts that are raised so far for the month of March and April at Rs 2,838.89 crore and Rs 473.73 crore.
On the other side, in West Texas Intermediate, the prices of crude oil down by 5.56% to $25.80 per barrel. While in Brent, the crude oil price down by 2.61% to $27.93 per barrel. The coronavirus is slowly affecting the global economy and it further affects every sector.
Crude oil company share:
Hindustan Petroleum Corporation Limited: The company closed its bearish trend on Wednesday in the stock market. The company lost 8.05 points with a 3.71% decrease and reached 209.00 INR. While in BSE, the company lost 7.75 points with a 3.57% decrease and reached 209.20 INR.
Bharat Petroleum Corp Limited: The company closed its bearish trend on Wednesday in the stock market. The company lost 24.80 points with a 6.94% decrease and reached 332.40 INR. While in BSE, the company lost 23.55 points with a 6.60% decrease and reached 333.30 INR.
Indian Oil Corporation Limited: The company closed its bearish trend on Wednesday in the stock market. The company lost 1.95 points with a 2.18% decrease and reached 87.45 INR. While in BSE, the company lost 1.40 points with a 1.57% decrease and reached 88.05 INR.
Oil India Limited: The company closed its bullish trend on Wednesday in the stock market. The company gained 9.45 points with a 13.21% decrease and reached 81.00 INR. While in BSE, the company gained 11.65 points with a 16.31% decrease and reached 83.10 INR.
Savita Oil Technologies Limited: The company closed its bearish trend on Wednesday in the stock market. The company lost 122.55 points with a 16.98% decrease and reached 602.60 INR. While in BSE, the company lost 57.00 points with an 8.01% decrease and reached 655.00 INR.
On the other side, both Sensex and Nifty continues its bearish trend in the stock market. The Sensex was down below 29,000 level and Nifty down below 8,500 level. Whereas, the Sensex lost 1,709.58 points with a 5.59% decrease and reached 28,869.51 level. While Nifty lost 498.25 points with a 5.56% decrease and reached 8,468.80 level.
Top Gainers on March 18: Zee Entertainment Limited, ONGC, SBI, Yes Bank Limited and ITC are the top gainers in the stock market.
Top Losers on March 18: Power Grid Corp, Kotak Mahindra, IndusInd Bank, Bharti Infratel, and Bajaj Finance Limited are the top losers in today’s stock market.