Oil stocks are once again in focus on Friday as crude oil prices have been inching higher and have scaled past $50 per barrel price. The optimism from the Covid 19 front is fuelling the rally in oil prices as there are expectations that demand for the commodity shall see a comeback going in the next year.
Among individual stocks and from the Nifty pack, ONGC, GAIL and IOC are among the top gainers in today's trade. ONGC has gained as much as 13 percent, while GAIL and IOC have gained 7.5% and 4% each, respectively.
The bullish sentiment in the commodity is seen even as US inventories point to a considerable supply. Currently, Brent crude's February contract on the Intercontinental Exchange is trading at $50.29, higher by 2.93 per cent from its previous close.
Also, in the OPEC+ meet there has been taken a decision to marginally increase oil production beginning January 2021. And this by far shall boost up retail prices of auto fuel in India.