Oil exploration company’s stocks in focus as Brent crude oil prices high

Crude Oil Image Shares of oil exploration companies, equipment and services sectors were trading higher on the Exchanges by up to 7 percent due to Brent crude oil prices going near 2015 high after North Sea pipeline shutdown.

Oil exploration stocks such as Dolphin Offshore Enterprises India Ltd, Aban Off-shore Limited, Hindustan Oil Exploration, Selan Exploration Technology and Jindal Drilling & Industries were up between 3 to 6 percent on BSE. Shares of Oil & Natural Gas Corpn (ONGC) and Oil India also trading higher in the range of 1 to 2 percent, as compared to 0.28 percent fall in the BSE Sensex in the morning deals.

The prices of Brent crude oil were reportedly near 2015-highs today after the unplanned closure of a major North Sea pipeline for repairs, hitting out large supplies from a market that was already tightening due to OPEC-led production cuts.