NDTV: Oil retailers gain as crude oil slumps on China GDP data
Indian oil marketing companies such as Hindustan Petroleum Corporation Ltd gained on hopes that the slump in crude prices would lower the cost of under-recoveries.
The Hindustan Petroleum stock gained 2.8 per cent, Bharat Petroleum Corp Ltd rose 2.2 per cent, while Indian Oil Corp Ltd was up 2.9 per cent.
Brent crude remained under pressure on Monday during Asian trading on data showing China's economic growth unexpectedly slowed.
New York's main contract, light sweet crude for delivery in May dropped 80 cents to $90.49 a barrel and Brent North Sea crude for May delivery shed 31 cents to $102.80.
"Oil traders are likely to be focusing on the Chinese GDP data," said Jason Hughes, head of sales trading at CMC Markets in Singapore. "As the US seemingly stumbles on its road to recovery, demand from the second largest economy needs to remain firm," he added.
China's gross domestic product slowed to 7.7 per cent in the first quarter of this year, the government today said, a shock result that came in below expectations.
