Shares of four oil producers rose 0.65% to 1.67% at 13:04 IST on BSE as Brent crude oil futures staged a recovery yesterday, 1 December 2014, after touching five-year lows.
Cairn India (up 1.67%), Oil India (up 1.08%), ONGC (up 0.81%), and Reliance Industries (up 0.65%) edged higher.
Meanwhile, the S&P BSE Sensex was down 76.11 points or 0.27% at 28,483.51.
Brent crude slipped, giving up some of the gains seen yesterday, 1 December 2014 when prices rallied for the first time in six sessions staging a recovery after touching five-year lows. Brent for January settlement was off 54 cents a barrel at $72 a barrel. The contract had gained $2.39 a barrel to settle at $72.54 yesterday, 1 December 2014.
Higher crude oil prices will result in higher realizations from crude sales for oil producers.
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