Oil explorers gain, tracking surge in oil prices

Tags: Companies
Crude oil explorers gain, tracking surging oil prices on escalating violence in Iraq on hopes of margin expansion and inventory gains, investors say.

Oil India Ltd is up 1.4 percent, Oil and Natural Gas Corp gains 1.5 percent, while Cairn India is up 1.7 percent.

Brent crude futures held near $113 per barrel on Tuesday as concerns over oil supply persisted, with the United States considering air strikes in Iraq amid a worsening security situation in the key oil producing country.

Also, traders point out that shares of ONGC and Oil India are pricing in a scenario where 90 percent of the subsidy burden would be borne by them. However, the expected reforms such as reduction in diesel subsidy could bring down the subsidy burden on these companies.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • By standing up for its priorities at WTO, India has saved its farmers

    Narendra Modi has demonstrated his global priorities during his short stint in power by engaging Pakistan and China on the need to mend fences with In

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Dealing with a sin called insensitivity

Rage and the notion of being above the law — ...

Purnendu Ghosh

Avoiding utopian or dystopian extremes

One must know the known in order to know the ...

Shona Adhikari

The tormented founding father of modern art

The subject for today’s art column has been triggered by ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture