Oil Co stocks rise as crude falls in price, Nifty Energy index Up

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Oil Marketing Companies’ stocks were trading on upper circuit on Thursday afternoon session after the international benchmark for crude oil declined in prices.

The NSE Energy index near 2% led by gains in ONGC, Reliance Infra, Bharat Petroleum, Indian Oil Corp , NTPC, Hindustan Petroleum, which are up in range between 3 to 5.35%. In addition, Gail India, Tata Power and Power Grid were also contributing their gains upto 2%

Oil prices declined forsaking some of the strong gains of the last session, after an industry report indicated that US crude stock-piles advanced last week, against analyst hopes of a decline.

Brent crude slowed 0.51pc at USD60.39 per barrel. Also WTI Crude down 0.66pc at USD 58.89/barrel.

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