ONGC, Oil India surge up to 6% as oil prices rise post OPEC+ output cut

Shares of upstream oil and gas companies, Oil and Natural Gas Corporation (ONGC) and Oil India, surged up to 6 per cent on the BSE in Monday’s intra-day trade after oil prices rose sharply after OPEC+ announced surprise output cuts.

Among individual stocks, Oil India surged 6.2 per cent to Rs 267.45, while, ONGC rallied 4 per cent to Rs 157. In comparison, the S&P BSE Sensex was down 0.02 per cent at 58,979 at 09:27 am.

Brent oil futures jumped $5.16 to $85.05 a barrel, while US crude climbed $4.88 to $80.55 as reports suggested oil output would be cut by around 1.16 million barrels per day.

The change comes before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia,