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Oil retailers, aviation stocks rally 3-20% after sharp correction in crude prices

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Brent and WTI have respectively fallen by 5.5 percent and 7.5 percent from peaks reached earlier in May.

Share prices of oil marketing and aviation companies rallied between 3 percent and 20 percent after sharp correction in crude oil prices from 2018 high.

IOC, HPCL and BPCL shares gained 8 percent, 6.7 percent and 6 percent, respectively while Jet Airways (up 6.7 percent), SpiceJet (up 13 percent) and InterGlobe Aviation (up 3.3 percent) also participated in the rally on hopes of lower aviation turbine fuel prices.

Crude oil prices have been falling after hitting $80.50 a barrel (on May 17, 2018), the highest level since November 2014.

The correction in oil prices was on signs that output from the three top crude producers, Russia, the United States and Saudi Arabia, would climb to meet concerns about supply amid strong demand.

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