Indian oil company stocks witnessed a sharp rally on Tuesday as international crude prices continue rising spree. At around 2.51 pm, BSE Oil & Gas was trading at 15,554.57 up 376.98 points or 2.48%. The index has topped an intraday high of 15,637.83.
Gainers on the index had state-owned ONGC in the lead surging by nearly 7% followed by BPCL soaring 4%. Gail jumped by 3%.
Further, Indian Oil saw a 2.6% upside, while GSPL and HPCL climbed by 1.6% each.
The largest company in terms of market cap, RIL, zoomed by over 1%. RIL has initiated the process of carving-out O2C Business into an independent subsidiary.
Petronet LNG traded marginally up.
However, on the downside, Indraprastha Gas tumbled 3% followed by a 1% decline in Castrol India.
The US WTI trades over $62 per barrel, while Brent Crude performs over $66 per barrel.
The sudden spike in oil prices comes after when Goldman Sachs announced its forecast that crude prices will climb to $70 per barrel over the next few months.