Oil E&P stocks gain as crude oil prices rise

Shares of three oil production and exploration firms rose 0.3% to 1.36% at 12:10 IST on BSE after a surge in global crude oil prices in the previous session.

Meanwhile, the S&P BSE Sensex was down 240.82 points or 0.83% at 28,804.46.

Cairn India (up 0.3%), Reliance Industries (RIL) (up 0.72%) and ONGC (up 1.36%) gained. Oil India declined 0.82%. Higher crude oil prices would result in increase in realizations from crude sales for oil exploration firms.

In the global commodities markets, Brent crude oil futures for November settlement was currently down 47 cents at $49.52 a barrel. The contract had surged $2.01 a barrel or 4.18% to settle at $49.99 a barrel during the previous trading session after data showed a surprisingly huge weekly drop in US crude stock piles.

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