Oil stocks were up in trade on Tuesday (May 19, 2020) after crude has been gaining ground for fourth straight sessions as producers show their commitment in cutting output just as there has been seen an uptick in demand as more and more economies gradually open up after coronavirus-led lockdowns.
Oil markets are also upbeat on the positive vaccine result which is expected to fuel global economic recovery from the coronavirus-led slowdown. In today's session oil soared to a 2-month high price.
And on the back of gains in oil price, the stock of ONGC rose close to 8% to day's high price of Rs. 78.65 per share on the BSE.
Stocks like Petronet LNG were up 4.7% and Oil India jumped up to 6.5% on the BSE. Indian Oil Corporation, Hindustan Petroleum and Gujarat State Petroleum Corporation (GSPL) also gained up to 2.6%