Oil producers rise as crude rallies on OPEC deal

Source : REUTERS
Last Updated: Thu, Dec 01, 2016 11:35 hrs
Petrol Pump

** Oil producers rise, tracking over a 9-pct rally overnight in crude after OPEC members sealed a deal to cut production

** Oil and Natural Gas Corp gains as much as 3.4 pct, Oil India climbs as much as 3.8 pct , Cairn India Ltd rises as much as 2.3 pct while Reliance Industries firms up as much as 1.9 pct

** OPEC agreed on Wednesday its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand on arch-rival Iran to slash output, sending Brent crude oil prices up to nearly $52/bbl

** GOL Offshore Ltd and Aban Offshore Ltd , companies which provide offshore drilling services, rose as much as 13.3 pct and 8.3 pct, respectively

** However, oil refiners fall as firmer crude prices push up input cost. Hindustan Petroleum Corp falls 4.4 pct, Bharat Petroleum Corp slips 2.3 pct and Indian Oil Corp declines 1.9 pct



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