Oil and gas shares in focus as crude oil prices ease

IOC, BPCL, HPCL, ONGC, RIL and Cairn India are up 1-4% on the Bombay Stock Exchange.

Shares of oil and gas companies including oil marketing companies are trading higher by up to 4% on the bourses as global oil prices have declined following the deal with Iran.

The nuclear accord between Iran and six world powers potentially paves the way for more crude oil to reach the global market.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL), Oil and Natural Gas Corporation (ONGC), Reliance Industries, Oil India, GAIL India and Cairn India are trading higher in the range of 1-4% on the Bombay Stock Exchange (BSE).

Brent North Sea crude, the European benchmark, for January delivery fell $2.48, or 2.23%, in early Asian trade to $108.57, while New York's main contract, West Texas Intermediate (WTI) for January, was down 84 cents, or about 1%, at $94.00 in mid-morning trade, the PTI report suggests.