Venezuela crisis fueling Indian oil stocks! RIL hits 52-week high; ONGC up 1% — Here’s why
Oil and energy firm shares began the week in green amid ongoing geopolitical concerns in surrounding South American oil producing nation, Venezuela. Reliance Industries Limited (RIL) soared 1% to its 52-week high of Rs 1,611.20 while other oil stocks also added up to 2% on Monday. The rise came even as global crude prices remained mostly flat due to supply surplus concerns.
Hindustan Petroleum led the gains, rising 1.85% to an intraday high of Rs 508.45. ONGC advanced 1.16% to Rs 246.80, Indian Oil Corporation added 1.03% to Rs 168.79, and Oil India rose 0.47% to Rs 432.45.
