US oil prices fell 1 percent on Tuesday after slipping below $50 a barrel in the previous session, with reports of a big climb in US inventories and forecasts of record shale output stoking worries about oversupply.
Shares of oil marketing companies (OMCs) were trading higher on the back of a fall in crude oil prices.
The likes of Indian Oil, HPCL and BPCL, as a result, are trading higher.
US oil prices fell 1 percent on Tuesday after slipping below $50 a barrel in the previous session, with reports of a big climb in US inventories and forecasts of record shale output stoking worries about oversupply.
Concerns around future oil demand amid weakening global economic growth and doubts on the impact of planned OPEC-led production cuts were also hurting prices, traders said.
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