Share prices of Oil exploration companies have posted smart gains so far this year as crude oil prices have shot to its highest level recently on August 5. Oil prices have been spiralling northwards on the back of hopes of a early global economic recovery and higher demand. Brent crude oil rose 21 cents to settle at $72.41 a barrel on the ICE on Friday.
Full Story: Oil exploration cos track crude, trade near year highs - Business Standard
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The crude oil prices are currently trading near its highest level this year. The BSE Oil & Gas index has somewhat underperformed with respect to the oil traded on Intercontinental Exchange (ICE), as it has zoomed only 63% to 9,869, today from its last year's close of 6,050. However, crude oil price jumped over 93% from the last December's close of $37.9, a more than 30% increase in comparison to the BSE Oil & Gas index. The BSE Oil & Gas index surged over 74% when it achieved its calender-year high on June 10. Crude Oil price posted a significant two-fold increase or nearly 98% rise recently at $74.96 on August 5. India's largest state-run oil exploration firm by sales ONGC witnessed a steep spike of over 84% to Rs 1,229 - its life-time high on August 14 - as against Rs 667 on December 31, 2008.Full Story: Oil exploration cos track crude, trade near year highs - Business Standard
