The markets ended with negative points yesterday, with Sensex down by 300.82 points and stood at 34,848.30 and Nifty was down by 86.30 points to settle at 10,596.40 before markets closed for the day.

The volatile situation which is currently prevailing in the market has led to the investors to worry. Added to this situation is the increase in the prices of the crude oil and the dipping value of rupee in the international market.

In the international market, the prices of the crude oil surged an all-time high to hit $80 per barrel mark, the highest level seen since 2014. There are reports which state that the further increase in the prices of the crude oil is likely to take place within a matter of few days or weeks.

Some analysts believe that there is a likely chance that the value of crude oil per barrel may touch $100 by the end of this year, fueling uncertainty in the investor's mind.

With the escalation of oil prices, the investor's outlook on the stocks of the oil company is changing gradually. The stocks of these oil companies are attracting the investors slowly but steadily.

India is considered as an attractive exploration and production location for oil exploration.

In the backdrop of rising oil prices, globally big oil companies in India including Oil India and Oil and Natural Gas will continue to spend on projects. A recent report revealed that ONGC drilled 503 wells during 2017-2018 at a cost of approximately Rs 14,200 crore, which is 11.5 percent lower than the budgeted outlay.

For the ongoing year, ONGC has set a capex outlay of Rs 17,615 crore with a drilling target of 535 wells of which 24 are deep-water development wells as a part of the Cluster 2 development of the KG-DWN-98/2 project in the East Coast of India.

Indian Oil, on the other hand, plans to raise its refining capacity from the existing 80.7 MMTPA (million metric tonnes per annum) to 153.55 MMTPA by 2030, through both brownfield expansion and greenfield capacity creation.

Vedanta, another oil exploration company plans to invest close to $3 billion over a period of three years to raise production level in its Barmer field to 300,000 bopd from the 160,000 bopd in fiscal 2017.

The prices of Crude Oil has seen improvement since the end of 2016. The prices of oil have found support from supply disruptions and stronger than expected demand amidst the output cuts by Organization of the Petroleum Exporting Countries (OPEC) and Non-Organization of the Petroleum Exporting Countries (OPEC) countries.

The ongoing geopolitical tension between US and Iran, where in the US decided to pull out of the Iran nuclear deal has also fueled to the rise in the prices of crude oil in the international market.

The projections indicate that the demand for fuel is strong and it will continue to grow globally in future as well. The government of India is trying hard to reduce the level of import of oil and is thus trying to improve the production and extraction of oil in India by adopting various initiatives which include Hydrocarbon Exploration and Licensing Policy (HELP) and Open Acreage Licensing Policy (OALP), including offering of 46 contract areas comprising 67 oil and gas fields under the Discovered Small Field Policy (DSFP).

Investors can now surely lookout to invest in the stocks of oil companies, in the backdrop of the spiraling oil prices.

Despite the best performance of oil prices globally, the prices of the Indian oil stocks has declined slightly, wherein the stocks of Hindustan Petroleum Corporation's was down by 1.65% at Rs 312.25 per piece; Oil & Natural Gas Corporation's stocks were down by 1.83% at Rs 185.15 per piece; Bharat Petroleum Corp's stocks were down by 0.76% at Rs 387.65 per piece.