Cairn India, ONGC rise 3% as oil prices touch 2015 high

Moneycontrol BureauShares of Cairn India and ONGC jumped 3 percent each intraday on Thursday after oil prices touched 2015 highs. Oil prices jumped 5 percent overnight with Nymex rising to USD 56.4 per barrel.Oil prices jumped steeply on Wednesday after US inventories built up more slowly than expected and talks between major oil producers this week triggered speculation of production cuts, although most analysts said these were currently unlikely.Analysts feel the market remained oversupplied due to high production and slowing demand growth, especially in China, where the economy is growing at its slowest pace in at least 6 years.The International Energy Agency said that world oil markets may take longer to tighten than initially expected due to a surge in OPEC supply and a potential rise in Iranian exports, even as demand shows signs of strength.At 10:36 hrs Cairn India was at Rs 232.80, up Rs 4.90, or 2.15 percent while ONGC was at Rs 322.00, up Rs 4.80, or 1.51 percent on the BSE.With inputs from Reuters