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Oil exploration stocks rally; Dolphin Offshore, Aban Offshore up over 7%

Selan Exploration, Hindustan Oil Exploration Company and Jindal Drilling were up between 5% and 6 on BSE.

SI Reporter  |  Mumbai 

Oil hits two-month high on tighter US market, Venezuela sanctions risk
The United States is considering imposing sanctions on Venezuela's vital oil sector in response to Sunday's election of a constitutional super-body that Washington has denounced as a "sham" vote.

Shares of oil exploration, equipment and services companies were trading higher on the bourses by up to 11% in the morning deal after oil prices soared more than 3% on Monday, with hitting its highest in more than two years.

Dolphin Offshore Enterprises, Aban Offshore, Selan Exploration Technology, Hindustan Oil Exploration Company and Jindal Drilling were up between 5% and 11% on BSE. Oil and Natural Gas Corporation (ONGC) and up 2% each, as compared to 0.12% decline in the S&P BSE Sensex at 09:27 AM.

The November crude futures contract settled up$2.16, or 3.8 percent, at $59.02 a barrel, its highest since July, 2015. US West Texas Intermediate crude for November delivery rose $1.56, or 3 percent, to settle at $52.22 a barrel, the highest since April, the Reuters report suggested.

COMPANY LATEST PREV CLOSE GAIN(%)
DOLPHIN OFFSHORE 97.40 88.05 10.6
ABAN OFFSHORE 192.30 178.45 7.8
JINDAL DRILLING 168.50 159.05 5.9
SELAN EXPL. TECH 190.20 180.20 5.6
HIND.OIL EXPLOR. 85.20 81.30 4.8
ALPHAGEO (INDIA) 802.35 771.25 4.0
O N G C 168.15 164.45 2.3
OIL INDIA 336.50 331.20 1.6

First Published: Tue, September 26 2017. 09:34 IST
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