Energy stocks jump as oil hits 2016 highs

Reuters Updated - January 20, 2018 at 07:18 PM.

Energy stocks jumped as oil hits 2016 highs.

Nifty energy index rose 1.9 per cent to over a month high in a weak Mumbai market.

Oil prices hit 2016 highs on Thursday, helped by a fall in US crude inventories, weaker dollar and strong demand.

Dollar index fell for the fourth consecutive session boosting commodities as a cheaper dollar makes dollar-denominated crude less expensive for non-US investors.

After hitting 2016 highs, Brent crude pared gains and was down 0.7 per cent by 0922 GMT tracking weak European markets.

Oil and Natural Gas Corp Ltd was up 3 per cent and is on track for a third consecutive session of gains.

Cairn India Ltd was up 3.9 per cent, while Reliance Industries Ltd gained 2.3 per cent.

Published on June 9, 2016 09:42