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State-run oil companies rally after Iran deal

Reuters | Last Updated: Monday, November 25, 2013 - 11:34

Mumbai: Shares of state-run oil marketing companies gain after Brent crude drops more than USD 2 a barrel on Monday as supply fears ease following a breakthrough nuclear deal between world powers and Iran over the weekend.

Tough sanctions against Iran in the past two years have slashed exports from the OPEC member by more than half and cost Tehran billions of dollars in revenue losses a month, keeping Brent above USD 100 a barrel despite weak global demand.

Shares of Indian Oil Corp gain 2 percent, Hindustan Petroleum Corp surges 2.8 percent, while Bharat Petroleum Corp is up 2.5 percent in pre-open trading.

First Published: Monday, November 25, 2013 - 11:34
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