Oil explorers rally as Brent crude crosses $80 mark

Shares of two state-run oil explorers rose by 1.21% to 5.77% amid rising crude oil prices.

ONGC (up 1.21%) and Oil India (OIL) (up 5.77%) jumped.

In the commodities market, Brent crude for December 2021 settlement was up 0.88% at $80.23 a barrel. It has jumped 9.92% so far in September 2021.

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 143.60 today. The stock has soared 173.65% from its low of Rs 51.80 hit on 13 March 2020.

In the past one month, the stock has surged 21.86% as against 6.33% rise in the Sensex. It has jumped 97.29% in the past one year compared with 57.12% surge in the Sensex.

Shares of OIL hit a 52-week high of Rs 234.85 today. The stock has soared 253.11% from its low of Rs 66 hit on 13 March 2020.

In the past one month, the stock has surged 31.94% as against 6.33% rise in the Sensex. It has jumped 162.01% in the past one year compared with 57.12% surge in the Sensex.

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