HPCL, BPCL, IOC and aviation stocks tumble as global crude oil price surges

The spike in global crude oil prices, led by the largest-ever disruption at Saudi Arabia’s crude oil production facilities, was bound to send ripples for India’s oil & gas players as well as those whose fortunes are linked to oil price movement such as aviation companies.  The Brent crude oil price spiked by almost 20 per cent intra-day (about $12) to $71.95 a barrel before slipping a bit to $67 levels on Monday evening (6 pm India time), compared to a close of $59.73 on Friday. Stock prices of oil marketing companies (OMCs) such as Hindustan Petroleum (HPCL), Bhar.....

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