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IOC imports 1.9 billion barrels of US crude

By DSIJ Team | 8/11/2017 12:38 PM Friday

Indian Oil Corporation (IOC) has bought 1.9 barrels of US’ crude in the second import tender seeking oil from the US, making it the first Indian refiner to purchase Eagle Ford shale oil, reported a leading business daily.
 
IOC bought 9,50,000 barrels of light sweet Eagle Ford shale oil and 9,50,000 barrels of heavy sour Mars crude for end-October delivery from trading firm Trafigura.
 
The latest purchase comes after a previous import tender where IOC bought 1.6 million barrels of Mars crude and 4,00,000 barrels of Western Canadian Select. Bharat Petroleum Corporation was the first Indian refiner to buy 1 million barrels of low-sulphur WTI Midland crude this month, while India’s HPCL has announced plans to also purchase low-sulphur US crude. 

 

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Index trend and stocks in action July 22, 2019

Karan DSIJ / Article rating: 5.0

We believe the next major support area for the Nifty is in the zone of 11,300-11,320. On the upside, any pullback rally towards 11,550-11,570 is likely to be resisted and this area is the likely hurdle going forward. Stocks in news: BHEL, CIPLA, Dr Reddy’s Laboratories, CG Power and Industrial Solutions, Strides Pharma Science, IOL Chemicals and Pharmaceuticals, Reliance Industries, McNally Bharat Engineering.

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