ONGC extends rally on surging oil prices

Oil exploration major ONGC extended its yesterday’s rally of 2.6% on rising crude oil prices. Crude oil extended a rally that has pushed up prices 20% in the past four trading sessions following oil's bottom to near six-year lows.

Benchmark West Texas Intermediate crude, which fell to $43.58 last week, jumped 7% to $53.05 on the New York Mercantile Exchange, a five-week high. Wholesale gasoline prices climbed 3.6% to $1.59 a gallon.

Meanwhile, the oil marketing companies on Tuesday slashed petrol prices by Rs 2.42 a litre and diesel price by Rs 2.25 a litre in line with the decline in global oil prices.

 

Currenly, ONGC is trading higher by 3% to Rs 369 on the BSE. The stock opened at Rs 366, touched a high of 373 and a low of Rs 365 on the BSE. A total of 178,005 Shares changed hands on the BSE by 9.45AM.