Oil Companies Stocks rise On Crude Oil Fall

Crude oil prices moved slower after data indicated a moderate decline in U.S crude stockpiles. U.S crude inventories have fallen by 1.1-mn barrels last week, as per EIA said on Wednesday.

Also according to Bloomberg, Brent crude oil today slipped 0.69 percent to USD63.36 per barrel and WTI slipped 0.70% at USD56.94/per barrel.

On market watch, shares of most of Oil Marketing Companies ended on higher side as oil prices set a decline on Thursday.

As a result, Nifty energy index inched higher at 0.17% at 16,203.65. Accordingly, shares of Gail India rose 2.94%, PowerGrid rose 0.57%, ONGC added 0.48%, IOC rose 0.35%, Reliance added 0.11% and Hindustan Petroleum rose 0.05%.

On the other hand, NTPC, Reliance Infra, Bharat Petroleum and Tata power closed lower in range between 0.10 to 2.30% in the Nifty energy index.

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