Shares of four oil production and exploration firms rose 0.44% to 1.87% at 11:40 IST on BSE as global crude oil prices rose.
Meanwhile, the S&P BSE Sensex was up 205.37 points or 0.72% at 28,712.79.
Cairn India (up 0.44%), Reliance Industries (RIL) (up 1.87%), ONGC (up 0.98%) and Oil India (up 0.62%) gained. Higher crude oil prices would result in increase in realizations from crude sales for oil exploration firms.
In global commodities markets, Brent crude oil futures extended previous session's gains after report showed a third consecutive weekly drop in US crude oil inventory. Brent for November settlement was up 39 cents at $47.22 a barrel. The contract had advanced 95 cents or 2.07% to settle at $46.83 a barrel during previous trading session. A report from the US Energy Information Administration (EIA) showed a 6.2 million-barrel drop in crude oil inventories last week to 504.6 million barrels. Brent was also lifted by an oil workers' strike in Norway, which threatened to cut North Sea crude output.
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