At around 12.27 PM, BSE Oil & Gas index was performing at 17,194.25 lower by 33.03 points or 0.19%. The index has touched an intraday high and low of 17,322.40 and 17,095.51 respectively.
HPCL was the top gainer surging by 1.9% followed by GSPL soaring 1.7%. Indraprastha Gas traded flat.
On the other hand, ONGC was the top underperformer plunging by 1.1% followed by Indian Oil tumbling 1%.
Petronet LNG dipped over 0.5%, while Castrol India, BPCL and Reliance Industries dived marginally. Gail was broadly on a subdued level.
At present, Brent Crude plunged by 0.6% and was trading near $73.97 per barrel. While the US West Texas Intermediate crude oil futures performed lower by 0.6% at $71.7 per barrel.
US Crude stocks plummeted by 7.4 million barrels in the previous week. Also, hopes for demand recovery further bolstered as China's refinery output hits record as margin improved.
The US benchmark dollar index recorded its strongest single-day gain in 15 months after the US Federal Reserve kept benchmark interest rates near zero, however, the Fed officials further signalled for two hikes in the rates by end of 2023. US Fed has upped its projected timeline for raising interest rates by 2023 compared to earlier targeted 2024.