State-run oil marketing companies’ stocks extended gains as a sharp fall in international crude prices spurred buying interest,several dealers said.
US crude oil futures slumped more than 6 percent to an eight-month low at the close on Monday,battered by a sell-off spurred by the downgrade of the U.S. credit rating.
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At 9.58 a.m.,shares in Indian Oil Corp.,Bharat Petroleum Corp.,and Hindustan Petroleum Corp. were up 1-2.55 percent in a Mumbai market that was down 1.67 percent.
