MUMBAI (Commodity Online): Oil explorers get booming on the Indian bourses as the crude prices hovered above USD 77 per barrel in the international market following a fall in the US crude oil inventories.

India’s largest state-run oil exploration firm, Oil & Natural Gas Corporation Ltd (ONGC) (BOM: 500312) gained 1.16% to Rs.1192.25, while Oil India Ltd (BOM: 533106) reported marginal gains of close to 0.5% at Rs.1250.55 in the morning trades today.

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Cairn India Ltd (BOM: 532792) advanced 1.63% to Rs.283.25, giving a boost to the sectoral index, BSE Oil & Gas to 10,378.62 points with gains of 0.51%.

The US crude oil inventory report showed more-than-expected fall in the stocks last week, which triggered the international crude prices. Rise in crude oil prices would result in higher realizations from crude sales for Indian oil exploration firms, thereby giving a rise in their profitability.

Light, sweet crude oil prices surged USD 2.27, or 3.05%, to USD 76.67 per barrel on the New York Mercantile Exchange on Wednesday, 23 December 2009.

Oil extended gains on Thursday, 24 December 2009 and gained another 60 cents or 0.78% making it to USD 77.27 per barrel in the Asian electronic trading on Thursday.

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