Oil And Gas Stocks Rise As Crude Oil Pices Rised On International Markets.
Brent crude was up 40 cents, or 0.5 percent, at $ 81.66 a barrel at 9:10 a.m., after rising 2.5 percent on Monday.
Shares of oil and gas companies were trading higher in otherwise subdued markets after crude oil prices rose on international markets.
The indicator of oil and gas stocks in the BSE – S&P BSE Oil & Gas index was the main sector winner in the BSE, with an increase of 2.15 percent, with the state oil explorer ONGC being the main winner.
ONGC’s shares rose as much as 8.23 percent to hit a new 52-week high of $ 159.75. Among other stocks, in the Oil & Gas index: Indian Oil advanced 2.5%, Gujarat Gas gained 2.44%, GAIL India gained 2%, Hindustan Petroleum advanced 1.88%, Adani Total Gas advanced a 2.2%, Oil India was up 2 percent and Indraprastha Gas was up 0.96 percent.
Oil prices rose on Tuesday, reaching their highest levels in at least three years, extending gains generated during the previous session after the world’s top oil producers announced that they had decided to keep a cap on crude supplies. Brent crude was up 40 cents, or 0.5 percent, at $ 81.66 a barrel at 9:10 a.m., after rising 2.5 percent on Monday.
West Texas Intermediate (WTI) oil rose 30 cents, or 0.4 percent, to $ 77.92, after gaining 2.3 percent in the previous session.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, collectively known as OPEC, said on Monday they would maintain an agreement to increase oil production only gradually, ignoring calls from the United States and India to boost production. as the world. The economy is recovering, albeit unevenly, from the coronavirus pandemic.
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