Shares of four oil producers lost 1.84% to 3.44% at 14:45 IST on BSE as Brent crude oil futures touched a fresh four-year low, extending a steep sell-off after Organization of Petroleum Exporting Countries decided not to cut production last week.
ONGC (down 3.44%), Reliance Industries (down 2.61%), Cairn India (down 1.84%), and Oil India (down 3.1%) edged lower.
Meanwhile, the BSE Sensex was down 94.20 points or 0.33% at 28,599.79.
Brent for January settlement was off $1.23 a barrel at $68.92 a barrel. The contract had dropped $2.43 a barrel to settle at $70.15 on Friday, 28 November 2014, the lowest close since 25 May 2010.
Lower crude oil prices will result in lower realizations from crude sales for oil producers.
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