<div id="readability-page-1" class="page"><div id="contentdata">   <div><div><ul><li>OMC shares rose as US-Iran tensions eased, boosting investor sentiment</li><li>Brent crude fell 4.8% to $66.02, WTI crude dropped nearly 5% to $61.98</li><li>HPCL, BPCL, IOC gained; Oil India fell over 5%, ONGC rose nearly 3%</li></ul></div></div>    <p>The shares of oil marketing companies (OMC) jumped in trade on February 2 as tensions between US and OPEC member Iran eased, boosting investor sentiment. The shares of oil refiners however declined.</p><p>The OMC stocks were among the top gainers on the Nifty Oil &amp; Gas index, which itself was up more than 1 percent to 11,585.95 in the morning trading hours of Monday.</p><h3><strong>Oil prices decline:</strong></h3><p>Brent crude futures were down $3.30, or 4.8 percent to $66.02 per barrel on Monday. U.S. West Texas Intermediate crude fell $3.23, or nearly 5 percent to $61.98 per barrel. This came after the prices hit multi-months highs earlier when US President Donald Trump threatened military intervention on Iran if it did not agree to a nuclear deal or continued killing protesters.</p><p>Later on Saturday, Trump told reporters that Iran was &#34;seriously talking&#34;. This came hours after Tehran's top security official Ali Larijani said arrangements for negotiations were underway. &#34;The crude oil market is interpreting this as an encouraging step back from confrontation, easing the geopolitical risk premium built into the price during last week's rally and prompting a bout of profit-taking,&#34; Reuters quoted IG market analyst Tony Sycamore as saying.</p><p>&#34;Technically, crude oil day trend is likely to remain down side, where 5800 level will act as crucial resistance and selling can be initiated near this level. While, 5600 will be key support, a bounce is likely expected from support level. Selling pressure is likely to increase below support levels as prices have formed bearish candles which signaling a profit booking in crude oil for today's session,&#34; said Nirpendra Yadav, Sr. Commodity Research Analyst at Bonanza.</p><h3><strong>Oil-related stocks:</strong></h3><p>Hindustan Petroleum Corporation (HPCL) shares jumped nearly 5 percent to trade at Rs 451.6 apiece. Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) shares also gained sharply.</p><p>While OMC stocks jumped, the shares of oil refiners tumbled. Oil India shares tumbled more than 5 percent, while Oil &amp; Natural Gas Corporation (ONGC) shares gained nearly 3 percent.</p><p>Follow all LIVE updates from the stock markets here.</p><p><em>(With inputs from Reuters)</em><em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em></p></div></div>

<p>OMC stocks rose up to 5% as US-Iran tensions eased, boosting investor sentiment. Brent crude fell 4.8% to $66.02, while WTI crude dropped nearly 5% to $61.98. HPCL, BPCL, and IOC gained, while Oil India fell over 5% and ONGC rose nearly 3%. The easing geopolitical tensions led to profit-taking in the crude oil market, with analysts predicting a bearish trend. The Nifty Oil & Gas index was up more than 1% in morning trading.</p>

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OMC stocks rise up to 5% as oil prices decline on cooling US-Iran tensions; Oil India, ONGC fall