Commodity Online
MUMBAI: Crude Oil continued to trade low for the second consecutive day, causing oil and gas stocks slip into red on the Bombay Stock Exchange today.

Leading oil exploration companies including ONGC Ltd and Cairn India Ltd traded negative during the morning trading session on the BSE. India’s largest public sector oil exploration firm, Oil and Natural Gas Corporation Ltd (ONGC) fell by 2% to Rs.832, while Cairn India Ltd declined by 2.32% to Rs.185.

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ONGC, has surged over 5% during past one month, while in the past one quarter the stock had gained 36.71%. Cairn India was down by 2.17% during past one month, however, it was up by 17.71% over past one quarter.

The weakness in the price of exploration firms was mainly attributed to the lower Crude Oil prices, which resulted into lower realizations from crude sales for these oil exploration firms.

Today, crude oil prices remained lower at USD 49.44 down by 0.7 cents in the international markets. On the Indian commexes crude prices hovered at Rs.2486 per barrel down by Rs.12 per barrel for the MCX May contract.

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