Indian oil marketing companies extended losses in morning trade, after CLSA cut the target price of IOC, BPCL and HPCL by between 16% and 20%.

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State-owned oil firms BPCL and HPCL are currently among the top losers in trade, with losses higher than 5%, dragging the indices. IOC is currently losing more than 3%.

Even though crude oil prices hit a new after 2014 today, it seems to have no positive impact on the OMC stocks.

The prices hit a new high as the US crude inventories declined and Saudi Arabia continues to withhold its oil supply to prop up the market.

Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers that includes Russia started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014.

Resource and energy stocks rallied in India's global peers and largely helped to pull up the indices.

First Published:Apr 19, 2018 11:17 AM IST