Oil E&P stocks drop along with crude oil prices
Shares of four oil exploration and production firms fell 0.07% to 2.25% at 9:34 IST on BSE on decline in global crude oil prices.
ONGC (down 2.25%), Cairn India (down 2.14%), Oil India (down 0.07%) and Reliance Industries (down 1.27%) edged lower.
Meanwhile, the S&P BSE Sensex was down 380.11 points or 1.48% at 25,339.47.
In the global commodities market, Brent crude oil prices edged lower extending yesterday's steep decline. Brent for October settlement was down 58 cents at $47.08 a barrel. The contract had fallen $1.94 a barrel or 3.91% to settle at $47.58 a barrel during the previous trading session. Lower crude prices will result in lower realization from crude sales for oil exploration firms.
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