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Oil E&P stocks slide alongside fall in global crude oil prices

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Capital Market
Last Updated : Jun 16 2016 | 3:13 PM IST

Stocks of three companies involved in oil exploration & production activities fell 1.10% to 1.39% at 12:02 IST on BSE as global crude oil prices dropped.

Cairn India was off 1.39% at Rs 138.35. ONGC was off 1.26% at Rs 211. Oil India, however, was up 0.16% at Rs 350.45.

Index heavyweight Reliance Industries was off 1.10% at Rs 971.65.

Meanwhile, the S&P BSE Sensex was off 367.41 points or 1.38% at 26,357.88.

Lower crude oil prices will result in lower realization from crude oil sales for oil exploration & production (E&P) firms if the prices are sustained at lower level.

Crude oil prices edged lower on risk aversion in global markets ahead of a referendum in UK on 23 June 2016 that could end Britain's membership in the European Union. Brent for August 2016 settlement was currently off 40 cents at $48.57 a barrel. Brexit refers to the referendum on 23 June 2016 by British voters to decide whether the country should remain a member of the European Union or leave it.

Also Read

The Brent August contract lost 86 cents or 1.73% to settle at $48.97 a barrel yesterday, 15 June 2016.

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First Published: Jun 16 2016 | 11:57 AM IST

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