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Rise in crude oil prices in international markets led to rise in oil and gas stocks

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ONGC’s stock rose 8.23 ​​per cent to hit a 52-week high of Rs 159.75.

Shares of oil and gas companies were trading higher in otherwise weak markets following a jump in crude oil prices in international markets. A gauge of oil and gas stocks on BSE – The S&P BSE Oil and Gas Index was the top regional gainer on the BSE, up 2.15 per cent, with state-run oil explorer ONGC being the top gainer. ONGC’s stock rose 8.23 ​​per cent to hit a 52-week high of Rs 159.75. Among other stocks, on the Oil and Gas Index – Indian Oil rose 2.5 percent, Gujarat Gas 2.44 percent, GAIL India 2 percent, Hindustan Petroleum 1.88 percent, Adani Total Gas 2.2 percent, Oil India. 2 per cent and Indraprastha Gas up 0.96 per cent.

Oil prices climbed on Tuesday, hitting their highest level in at least three years, adding to gains during the previous session, when the world’s major oil producers announced they were placing a cap on the supply of crude. has decided.

As of 9:10 am, Brent crude was up 40 cents, or 0.5 per cent, at $81.66 a barrel, having gained 2.5 per cent on Monday. West Texas Intermediate (WTI) oil rose 30 cents, or 0.4 per cent, to $77.92 after gaining 2.3 per cent in the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, collectively known as OPEC+, said on Monday that it would only maintain an agreement to gradually increase oil production, the United States said. And will ignore calls from India to boost production as the world. The economy recovers, if little by little, from the coronavirus pandemic.

Oil prices have already risen more than 50 percent this year, a rise that has added to the inflationary pressure that crude oil-consuming nations are concerned with, derailing the recovery from the pandemic.

Till 12:00 PM, oil and gas stocks were trading strongly with the index rising 2 per cent.

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