Oil E&P stocks decline on slump in crude oil price

Shares of four oil exploration and production companies fell 0.85% to 2.53% at 12:53 IST on BSE on decline in crude oil prices.

Cairn India (down 2.53%), ONGC (down 2%), Reliance Industries (down 0.85%) and Oil India (down 1.92%) edged lower. Lower crude oil prices will result in lower realization from crude sales for oil exploration firms.

Meanwhile, the S&P BSE Sensex was up 6.10 points or 0.02% at 24,830.93

In the global commodities markets, Brent for April settlement was currently off 53 cents at $33.71 a barrel. The contract had declined $1.75 a barrel or 4.86% to settle at $34.24 a barrel during previous trading session.

 

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