MUMBAI (Commodity Online): Oil companies traded with marginal gains on the Bombay Stock Exchange (BSE) accompanied by near flat crude prices on commexes in opening trades on Friday, March 12, 2010.

The sectoral index, BSE Oil & Gas edged up by close to 1% to 9878.76 points, with lead taken by Cairn India Ltd (BOM: 532792), which rose by over 3% to Rs.274.25 in the morning trades today. Reliance Industries Ltd (BOM:500325) traded at Rs.1030.55 up by 1.3%.



Meanwhile, crude prices remained flat at Rs.3760 for MCX March contract. However, the stickiness in the prices was seen in spite of a fall in US Department of Energy's weekly oil inventory report. Petrol stockpiles tumbled 2.9 million barrels in the week to March 5, surprising the market as most analysts had expected an increase of about 100,000 barrels.

US crude oil inventories meanwhile climbed 1.4 million barrels, which undershot analysts' consensus forecast for a 1.7-million-barrel gain.

India’s largest public sector oil explorer, Oil & Natural Gas corporation Ltd (BOM:500312) remained flat with marginal gains of 0.01% at Rs.1084.50. Essar Oil Ltd and Aban Offshore Ltd were among a few oil stocks that remained marginally up from their last closing.

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