BSE Oil & Gas climbs 210 pts as Brent Crude nears $55 per barrel; Petronet LNG, ONGC drives the performance
Oil & gas stocks were trading on a bullish note during Friday tracking higher international crude prices as investors turn optimistic over fuel demand ahead.
At around 3.01 pm, BSE Oil & Gas was trading at 14,708.55 higher by 210.22 points or 1.45%. The index touched an intraday high of 14,734.58.
On the index, Petronet LNG took lead surging by over 3% followed by ONGC which gained by 2.8%. Indraprastha Gas jumped by 1.85%.
Oil marketing companies – BPCL, Indian Oil and HPCL surged between 1.3-1.85%. RIL soared by nearly 1% and Castrol India added marginal gains.
However, Gail and GSPL were the top underperformers on the index.
Brent Crude has neared $55 per barrel mark and the US West Texas Intermediate (WTI) crude has soared over $51 per barrel.
Globally, investors cheered the sector after Saudi Arabia pledged additional production cut. Meanwhile, a sharp decline in US crude stockpiles also swayed market sentiments to the upside.
For the week ended January 01, the US crude inventories fell by 8.01 million barrels as per the US Energy Information Administration (EIA) report.