BUZZ-Indian oil producers rise, refiners slip as Middle East escalation stokes supply fears

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BUZZ-Indian oil producers rise, refiners slip as Middle East escalation stokes supply fears

Reuters06-13

BUZZ-Indian oil producers rise, refiners slip as Middle East escalation stokes supply fears

** Shares of Indian oil producers jump, refiners drop

** ONGC ONGC.NS and Oil India OILI.NS rise 2% and 3%, respectively

** State-run Indian Oil IOC.NS, BPCL BPCL.NS, HPCL HPCL.NS fall 3%, 3.3% and 3.5%, respectively

** Private refiner Reliance Industries RELI.NS slips 1.2%

** Crude prices soar over 10% after Israel said it struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies

** Rise in crude prices fetches upstream cos higher selling prices of oil and is a potential positive for them

** It is negative for refiners that process the raw material

** Nifty oil and gas .NIFOILGAS sub-index down 1.35% on the day, while benchmark Nifty 50 .NSEI down 1.2%

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

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