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Shares of oil and gas companies are trading higher by up to 2% in opening deals after Brent crude recorded its largest one-day decline in seven weeks on Monday.
Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC) and Gail India are trading firm between 1-2% on the Bombay Stock Exchange (BSE).
At 0920 hours, the S&P BSE Oil and Gas index was up 0.72% or 81 points compared to 0.63% rise in benchmark S&P BSE Sense.
On Monday, Brent fell 69 cents to settle at $114.12 its biggest percentage drop since May 6 as oil exports from Iraq remained unaffected by Islamic insurgents' continued advance on Baghdad, the Reuters report suggests. US crude for August delivery dropped 66 cents to settle at $106.17, its biggest slide since May 2.
Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC) and Gail India are trading firm between 1-2% on the Bombay Stock Exchange (BSE).
At 0920 hours, the S&P BSE Oil and Gas index was up 0.72% or 81 points compared to 0.63% rise in benchmark S&P BSE Sense.
On Monday, Brent fell 69 cents to settle at $114.12 its biggest percentage drop since May 6 as oil exports from Iraq remained unaffected by Islamic insurgents' continued advance on Baghdad, the Reuters report suggests. US crude for August delivery dropped 66 cents to settle at $106.17, its biggest slide since May 2.
