Oil explorers rally as crude oil bounces

Shares of two state-run oil explorers rose by 3.49% to 3.85% as crude oil prices rebound.

ONGC (up 3.85%) and Oil India (OIL) (up 3.49%) jumped.

In the commodities market, Brent crude for May settlement was up 2.08% at $118.03 a barrel. It has jumped over 51% so far in calendar year 2022.

Higher crude oil prices boost oil explorers' average realisation from every barrel of the oil sold.

Shares of ONGC hit a 52-week high of Rs 176.40 on 14 February 2022.

In the past one month, the stock has risen 8.49% as against 0.33% decline in the Sensex. It has jumped 63.20% in the past one year compared with 14.71% rise in the Sensex.

 

Shares of OIL hit a 52-week high of Rs 267.70 on 1 October 2021.

In the past one month, the stock has surged 9.49% as against 0.37% decline in the Sensex. It has jumped 103.20% in the past one year compared with 14.71% rise in the Sensex.

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