Indian oil marketing cos gain on sharp fall in oil prices

Hindustan Petroleum

Tue 05:02

** Shares of Indian OMCs rise between 2.2% and 3.5%
** HPCL HPCL.NS leads pack, rises 3.5% to 360.2 rupees
** Indian Oil Corp IOC.NS climbs 2.8% to 138.4 rupees, shares of BPCL BPCL.NS up 2.2% at 299.5 rupees
** Oil prices fall more than 7% in previous session as talks between Iranian and Qatari officials lifted hopes for an end to the US-Israeli war on Iran and stabilization of Middle East crude supply
** Brent futures LCOc1 last down 0.47% at $105.26, as of 10:22 a.m. IST, and fell as much as 12.2% in the previous session
** Higher oil prices tend to reduce operating margins for oil marketing companies
** Nifty Oil & Gas .NIFOILGAS index up 0.44%
     

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))