By Aditya Raghunath
Investing.com -- Globally, oil prices are rising on the back of hopes of an economic recovery and OPEC+ news that it will gradually increase production. Crude Oil WTI Futures prices are now close to $70 while Brent Oil Futures prices are over $71. This is good news for oil companies.
“Crude oil prices have gained on fuel demand recovery hopes form US, China and Europe after OPEC forecasted higher demand in second half of the year. OPEC+ data shows that by the end of the year oil demand will be 99.8 mb per day versus supply of 97.5 mb per day,” said a note by HDFC (NS: HDFC ) Securities Senior Analyst (Commodities) Tapan Patel.
Oil companies in India have seen their stock prices move up by 13-28% in May with all four companies hitting their 52-week highs in the month:
- Bharat Petroleum Corp. Ltd. (NS: BPCL )
Share price on April 30: Rs 421.8
Current share price: Rs 479.5
Percentage increase: 13.7%
52-week high: Rs 488
- Oil And Natural Gas Corporation Ltd (NS: ONGC )
Share price on April 30: Rs 108.15
Current share price: Rs 124.9
Percentage increase: 15.5%
52-week high: Rs 126.7
- Oil India Ltd (NS: OILI )
Share price on April 30: Rs 122.1
Current share price: Rs 141.3
Percentage increase: 15.7%
52-week high: Rs 142.4
- Hindustan Petroleum Corporation Ltd (NS: HPCL )
Share price on April 30: Rs 234.65
Current share price: Rs 299.75
Percentage increase: 27.8%
52-week high: Rs 302.35
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