Commodity Online
MUMBAI: Oil exploration stocks started rejoicing the rise in crude oil prices, which today, touched a six-week high in the international markets on the positive indications of recovery.

India’s largest oil exploration firm, Oil and Natural Gas Corporation Ltd (ONGC) zoomed to Rs.894.9 up by over 3.4%, while Cairn India Ltd surged to Rs.199.15 up by over 7% during the afternoon trading session on the BSE.

Crude prices rose significantly today with large number of speculators bid up for Futures contracts on renewed buying interest.



However, oil-marketing companies (OMCs) traded in red in anticipation of a fall in the profitability due to increased crude prices. Bharat Petroleum Corporation Ltd (BPCL) was trading at Rs.382 down by 0.77% while Indian Oil Corporation Ltd (IOC) traded at Rs.437.05 down by close to 1.47%. Hindustan Petroleum Corporation Ltd (HPCL) lost the most with 2% at Rs.270 during the post lunch trading hour on the bourses.

Private sector oil refiner, Reliance Petroleum Ltd gained close to 4% at Rs.116.10 during the day. Meanwhile, sensex was trading at 12,070 levels up by close to 6%.

Crude prices traded firm on the Indian commexes with prices hovering around Rs.2667 per barrel for MCX May contract. Similarly, in the international spot market, the crude prices remained high at USD 53.26 per barrel. Experts opined that in the month of May, crude prices might touch Rs.2750 per barrel in the anticipation of increased demand from the recovering global economy.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook