Shares of oil & gas companies were in focus on Monday after Brent crude prices hit their highest level since January, 2020. Besides, amid improved outlook and expectation of higher crude oil prices going forward, Oil and Natural Gas Corporation (ONGC) and Gail (India) surged up to 7 per cent and hit their respective 52-week highs on the BSE in the intra-day trade.
The oil prices were at their highest levels in more than a year after Yemen’s Houthi forces fired drones and missiles at the heart of Saudi Arabia’s oil industry on Sunday, raising concerns about production. Brent climbed $1.09 a barrel to $70.45, while US crude rose $1.08 to $67.17 per barrel. The crude oil price also jumped on optimism about the demand outlook as the global economy recovers.
