Brent crude prices as on June 23, 2021 traded higher above $75 at $75.31 bbl mark and this augurs well for oil exploration companies in India such as ONGC and Oil India. ONGC however is trading mildly lower by 0.24%. Also, the company is likely to report its Q4 and full year financial results for FY21 today.
The crude prices are seeing an increase as there is reported that US inventories fell more than expected.
Oil India is however trading higher by yet again a margin and is close to its 52-week high price of Rs. 155.
Petronet LNG also traded weak with the stock hitting day's low price of Rs. 229.10
Selan Exploration Technology i.e. a private listed oil exploration company gained 9.5% and hit its 52-week price on the move of Rs. 179.7 per share on the NSE.
Higher oil prices benefit oil exploration and production entities as they can benefit by exploring more of crude oil.