Moneycontrol
HomeNewsBusinessMarketsONGC rises 12% in one month as global crude oil prices rally
Trending Topics

ONGC rises 12% in one month as global crude oil prices rally

Global crude oil prices have risen more than 14 percent in the past 30 days as traders see a continued rise in demand and supply fails to keep up

Mumbai / February 07, 2022 / 13:24 IST
Story continues below Advertisement

ONGC India

Shares of Oil & Natural Gas Corporation have risen more than 12 percent over the past month tracking gains in global crude oil prices.

Global crude oil prices have risen more than 14 percent in the past 30 days as traders see a continued rise in demand and supply fails to keep up. The 400,000 barrel per day output hike recently decided by Oil and Petroleum Exporting Countries is not expected to meaningfully bridge the gap between demand and supply.

Story continues below Advertisement

Further, OPEC’s dwindling spare capacity is seen as a major hurdle in oil-producing countries being able to increase output to keep up with surging global demand as global economies open post-COVID-19 outbreak.

The surge in global crude oil prices has also been buttressed by rising geopolitical tensions in Eastern Europe where the US has reportedly warned Ukraine of a possible Russian invasion “anytime now”.