Oil marketing companies slip 1-4% as oil prices climb to 5-month high

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Shares of oil marketing companies are trading lower by 1-4 percent intraday Monday after oil prices rose to their 5 months high.

Oil prices rose to their highest level since November 2018 driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data, said Reuters.

Brent crude oil prices crossed USD 70 per barrel mark, while West Texas Intermediate (WTI) crude price also trading higher at USD 63.45 per barrel.

Benchmark indices are trading at day's low with Nifty breached 11,600 level.

At 14:14 hrs IST, the Sensex is down 224.02 points at 38638.21, while Nifty is down 78.70 points at 11,587.30.

At 14:07 hrs Hindustan Petroleum Corporation was quoting at Rs 253.55, down 3.74 percent, Bharat Petroleum Corporation was quoting at Rs 352.45, down 1.59 percent and Indian Oil Corporation was quoting at Rs 153.70, down 2.81 percent on the BSE.