Finance Update

Paint, tyre stocks under pressure as crude price crosses $71/bbl mark

Last Updated : Apr 09, 2019 02:48 PM IST | Source: Moneycontrol.com






Brent crude oil prices are trading higher by 0.24 percent at $71.27 per barrel, while US WTI crude oil prices trading at $64.63 per barrel












Shares of paint and tyre companies are trading lower on April 9 as crude oil prices have surged to 5-month high.

Oil prices have climbed due to OPEC-led supply cuts, US sanctions against Iran and Venezuela, and escalating violence in Libya, said Reuters.

Oil markets have tightened this year as the United States imposed sanctions on oil exporters Iran and Venezuela while the producer club of the Organization of the Petroleum Exporting Countries (OPEC) has been withholding supply to prop up prices, it added.

Brent crude oil prices are trading higher by 0.24 percent at $71.27 per barrel, while US WTI crude oil prices trading at $64.63 per barrel.

Kansai Nerolac Paints was quoting at Rs 452.70, down 1.30 percent, Asian Paints was quoting at Rs 1,448.10, down 3.23 percent and Berger Paints India was quoting at Rs 327.55, down 0.41 percent.

JK Tyre was quoting at Rs 91.75, down 1.02 percent and Apollo Tyres was quoting at Rs 215.35, down 2.20 percent on the BSE.



First Published on Apr 9, 2019 02:44 pm






















































Source

Prakash Poojary
Business Analyst

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