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Oil & Gas shares rally; ONGC, Gail surge up to 7%, hit 52-week highs

The recent rebound in crude oil prices has been driven by gradual recovery in global economy and thereby, improving demand for crude oil even as it remains below pre-Covid levels

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OPEC’s own economists believe that global inventories would increase by about 200,000 barrels a day during the first quarter of 2021. (Bloomberg)

SI Reporter Mumbai

2 min read Last Updated : Mar 08 2021 | 10:24 AM IST

Shares of oil & gas companies were in focus on Monday after Brent crude prices hit their highest level since January, 2020. Besides, amid improved outlook and expectation of higher crude oil prices going forward, Oil and Natural Gas Corporation (ONGC) and Gail (India) surged up to 7 per cent and hit their respective 52-week highs on the BSE in the intra-day trade.

The oil prices were at their highest levels in more than a year after Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, raising concerns about production. Brent climbed $1.09

Topics : Buzzing stocks ONGC GAIL oil and gas ONGC Oil

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