Oil logs gain in trade amid rising in prices globally

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Portions of oil explorers were higher in trade on Wednesday following higher crude oil prices globally. Brent crude oil on the Intercontinental Exchange was up by 0.6 percent at $74.05 per barrel.

On Wednesday, shares of Oil & Natural Gas Corp (ONGC) gained by 4 percent at Rs 128.85, Oil India rose 3.3 percent at Rs 204.95, while those of Indian Oil Corporation was up 0.9 percent at Rs 116.25.

ONGC and Oil India shares hit their 52-week highs at Rs 130.65 and Rs 208.8, respectively, on Wednesday.

Since data reportedly showed a larger than expected drawdown in crude oil stocks in the US which is the world’s largest oil consumer, oil prices witnessed the climbs on Wednesday.

Higher crude oil prices lead to higher realisation for oil explorers and help shore up their profitability, said analysts.

However, shares of Bharat Petroleum Corporation Ltd were trading 0.7 percent lower on Wednesday at Rs 489.75.