Oil producers rise as crude rallies on OPEC deal

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

More from Sify: