BSE Oil & Gas outperforms 1% as crude price hits 11-month high; Indian Oil, ONGC, BPCL leads

On the index, state-owned oil companies like Indian Oil, ONGC and BPCL surged near 2% each.

Jan 13, 2021 08:01 IST India Infoline News Service

Crude Oil and Energy
Oil and gas stocks were trading on a bullish note during Wednesday's session after international crude oil prices reached to 11-month high overnight. At around 1.51 pm, BSE Oil & Gas was trading at 15,111.09 above 92.75 points or 0.62%. The index has touched an intraday high of 15,371.24.

On the index, state-owned oil companies like Indian Oil, ONGC and BPCL surged near 2% each. Meanwhile, HPCL, GSPL and Castrol India traded marginally up.

On the other hand, Petronet LNG emerged as the top underperformer tumbling by nearly 2% followed by heavyweight RIL which plunged by 1.4%.

Indraprastha Gas and Gail dived between 0.5-1%.

US West Texas Intermediate (WTI) has reached over $53.6 per barrel level and Brent crude is above $57 per barrel. These two benchmarks are currently at their highest level since February 2020.

Crude oil prices surged as inventories continued to drop led by improvement in fuel demand which increases investors hope for better earnings in the sector.

India's petrol and diesel prices are determined by the real-time movement in international crude prices. 

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