Indian oil exploration companies fall on decline in crude prices

Hindustan Oil Exploration

07/12/2023 10:28

** Shares of state-run oil exploration cos Oil and Natural
Gas Corp  ONGC.NS , Oil India  OILI.NS , and Hindustan Oil
 HOEX.NS  close down between 1% and 1.5% 
    ** Brent crude futures prices  LCOc1  fell to a six-month
low of $74.11 per barrel on Wednesday, prices hovered around $75
in Asia hours  O/R 
        ** Fall in crude prices does not benefit upstream oil
cos as their refining margins take a hit
  
        ** OILI has gained 52% YTD, outperforming ONGC and HOEX,
which rose 35.5% and 19.3%, respectively
  
    ** Nifty oil and gas index  .NIFOILGAS  up nearly 8% so far
this year
    

 (Reporting by Kashish Tandon and Ashish Chandra in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))