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Oil stocks rise after crude jumps to 2-month high; ONGC up 8%

Oil stocks rise after crude jumps to 2-month high; ONGC up 8%

Oil stocks rise after crude jumps to 2-month high; ONGC up 8%
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By Pranati Deva  May 19, 2020 11:54:18 AM IST (Published)

Energy stocks like Oil India and Petronet LNG advanced around 5 percent on the BSE.

The share price of ONGC rose nearly 8 percent on Tuesday after oil jumped to a two-month high on easing lockdowns, positive initial vaccine results.

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ONGC rose as much as 7.8 percent to Rs 78.65 per share on the BSE. At 11:10 am, the stock was trading 7 percent higher at Rs 78 per share as compared to a 1.9 percent or 569 points rise in BSE Sensex at 30,598. Meanwhile, BSE oil & gas index also surged around 2 percent in intra-day deals.
Other energy stocks like Oil India and Petronet LNG advanced around 5 percent on the BSE. Stocks such as Gujarat State Petroleum Corporation (GSPL), Indian Oil Corporation (IOC) and Hindustan Petroleum gained up to 2.4 percent.
Oil prices jumped amid a potential coronavirus vaccine, optimism about a resumption in economic activity and signs producers were following through on planned output reductions.
Brent futures for July delivery rose $2.31, or 7.1 percent, to $34.81 a barrel, while US West Texas Intermediate (WTI) crude rose $2.39, or 8.1 percent, to $31.82.
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