Shares of four oil exploration and production firms rose 0.87% to 1.25% at 11:08 IST on BSE as Brent crude oil futures gained almost $2 a barrel on Friday, 16 January 2015.
Reliance Industries (up 1.24%), Cairn India (up 1.08%), Oil India (up 1.25%), and ONGC (up 0.87%) edged higher.
Meanwhile, the S&P BSE Sensex was up 179.32 points or 0.64% at 28,301.21.
Brent crude oil futures rallied Friday, 16 January 2015, notching their first weekly gain in eight weeks as the International Energy Agency said collapsing crude prices would cut into supply growth from oil producers outside of the Organization of the Petroleum Exporting Countries. Brent crude gained $1.90 a barrel, or 3.93% to settle at $50.17 a barrel during the previous trading session on Friday, 16 January 2015. The contract was down 39 cents at $49.78 a barrel today, 19 January 2015.
Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms.
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