Oil exploration stocks rally; Dolphin Offshore, Aban Offshore up over 7%

Selan Exploration, Hindustan Oil Exploration Company and Jindal Drilling were up between 5% and 6 on BSE.

Shares of oil exploration, equipment and services companies were trading higher on the bourses by up to 11% in the morning deal after oil prices soared more than 3% on Monday, with Brent hitting its highest in more than two years.

Dolphin Offshore Enterprises, Aban Offshore, Selan Exploration Technology, Hindustan Oil Exploration Company and Jindal Drilling were up between 5% and 11% on BSE. Oil and Natural Gas Corporation (ONGC) and Oil India up 2% each, as compared to 0.12% decline in the S&P BSE Sensex at 09:27 AM.

The November Brent crude futures contract settled up$2.16, or