Oil Marketing Companies (OMCs) stocks are in the spotlight on Friday's trading session as crude oil prices have been moving higher and have scaled past USD 50 per barrel price. The optimism from the Covid 19 front is emerging the rally in oil prices as there are expectations that demand for the commodity shall see a comeback going in the next year.
OMC stocks such as Oil and natural gas corp (ONGC), GAIL India and Indian Oil Corporation (IOC) are among the top gainers in today's trade. ONGC has gained as much as 13 percent, while GAIL and IOC have gained 7.5% and 4% each, respectively.
Currently, Brent crude's February contract on the Intercontinental Exchange is trading at $50.29, higher by 2.93 percent from its previous close.
In addition, in the OPEC allies meet there has been taken a decision to marginally increase oil production beginning January 2021. And this by far shall boost up retail prices of auto fuel in India.
Watch on Crude: Crude oil rise nine month high amid vaccine optimism