RoydadNaft –   While Sensex and Nifty made wild swings on the D-Street in Friday’s session, shares of Oil India Limited and Oil and Natural Gas Corporation rallied up to 6 per cent.

Oil prices rose further on Friday and were set for strong weekly gains as investors considered the potential for a broader conflict in the Middle East to disrupt crude supplies, balanced against a well-supplied global market.

Brent crude futures were up 55 cents, or 0.7%, at $78.17 a barrel, as of 3:15 PM. U.S. West Texas Intermediate crude futures were up 50 cents, also 0.7%, at $74.21 a barrel. Both benchmarks were headed for weekly gains of about 9%.

While concerns about oil supply had driven prices up earlier in the week, these worries have been eased by OPEC’s spare production capacity and the fact that global crude supplies have not yet been affected by the unrest in the Middle East.