Shares of oil and gas companies traded higher in other markets after rising crude oil prices in the international market. Oil and gas stocks rose 2.15% on the BSE – S&P BSE Oil & Gas Index, topping the state-run oil analyst ONGC. ONGC shares rose 8.23 per cent to a new 52-week high of Rs 159.75. Among other stocks, oil and gas index – Indian Oil rose 2.5 per cent, Gujarat Gas 2.44 per cent, Gail India 2 per cent, Hindustan Petroleum 1.88 per cent, Adani Total Gas 2.2 per cent, Oil India 2 per cent and Indraprastha Gas 0.96 per cent. .
Oil prices rose on Tuesday, hitting a three-year low, boosting profits during the previous session, announcing that the world’s major oil producers had decided to keep a check on crude oil.
Brent crude rose 2.5 percent to $ 81.66 a barrel, up 40 cents or 0.5 percent at 9:10 a.m. Monday. West Texas Intermediate (WTI) oil was up 30 cents, or 0.4 percent, at $ 77.92, after gaining 2.3 percent in the previous session.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, on Monday ignored calls from the United States and India to gradually increase oil production and increase global production. If the economy recovers from the corona virus infection.
Oil prices have already risen more than 50 percent this year, and rising inflationary pressures that crude-consuming countries are worried about will prevent a recovery from the epidemic.
As of 12:00 pm, oil and gas stocks were trading at a firmly high of 2 percent with the index.