Oil E&P stocks gain as oil prices spurt

Shares of three oil exploration and production companies gained 0.1% to 2.23% at 11:11 IST on BSE as crude oil prices gained.

Meanwhile, the S&P BSE Sensex was down 19.24 points or 0.06% at 34,423.95.

Reliance Industries (RIL) (up 0.1%), ONGC (up 0.53%) and Oil India (up 2.23%) gained.

In the global commodities markets, Brent for March 2018 settlement was up 35 cents at $69.17 a barrel. The contract had risen $1.04 a barrel or 1.53% at $68.82 a barrel during the previous trading session.

Oil prices extended gains supported by Organization of the Petroleum Exporting Countries (OPEC)-led production cuts and expectations that US crude inventories have dropped for an eighth week in a row.

 

Higher crude oil prices would result in increase in realizations from crude sales for oil exploration firms.

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