A sharp fall in stocks of companies associated with crude

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Ahmedabad. September 16, 2019, Monday

Saudi Arabia's world's largest oil processing unit and crude oil prices following a drone attack on the oil field have led to a sharp fall in shares of crude oil companies following a rise in crude oil prices.

Crude production has dropped 5 percent since Yemen's Houthi terrorists attacked the world's largest oil unit last week. Saudi Arabia's daily crude production was reported to have dropped by 3 million barrels after the attack.

On the back of these reports, Brent crude jumped 8.5 percent to $ 1.8 in the global market this morning. While the Texas Intermediate jumped 8.5 percent to $ 1.8.

With the rise in crude prices, the stock prices of the companies associated with crude have started to fall sharply at the Mumbai stock market today. Oil companies closed two percent higher in the oil-gas index this morning as shares of the oil company started trading.

Indian Oil, Bharat Petroleum and Hindustan Petroleum stocks up 5% on the pressure of selling.

The companies associated with the paint industry, Asian Paints, Berger Paints and Kansai Nerolac, were down 5%, while the tire industry's J.K. Shares of Tire, Ceat, Apollo Tire, MRF were up two percent.

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