Hindustan Oil share price hit 52 week high on the NSE today and surged over 4 per cent. Shares of oil exploration & production companies like Oil Natural Gas Corporation or ONGC share price up 2.3 per cent at Rs 314 and Oil India (2.5 per cent at Rs 454) have hit their respective fresh 52 week highs in early morning trade tracking rise in oil prices.
Aban Offshore, Selan, Hindustan Oil Exploration, Cairn India, Deep Industries and Jindal Drilling are other from the oil exploration & production sector, trading higher between 2 per cent to 4 per cent in an otherwise flat market. Hindustan Oil share price opened at Rs 71.05 from a previous closing of Rs 69.40 on the NSE today.
Higher crude prices shall result in higher realization for oil exploration and associated business companies and culminate in increased profitability for them. According to a media report, oil prices galloped up by 4 per cent to their highest level since the year 2015 early on Monday after OPEC - Organization of the Petroleum Exporting Countries and other producers over the weekend reached their first deal since the year 2001 to jointly minimize output in order to check on oversupply and prop up the market.
Brent crude futures, the international benchmark for oil prices, surged to 57.89 dollars per barrel in overnight trading between Sunday and Monday, its highest level since July 2015. US WTI or West Texas Intermediate crude futures also hit a July 2015 high of 54.51 dollars a barrel, added the media report.
Hindustan Oil is a multibagger stock as recognized by Dynamic Levels Research Analysts, based on their technical and fundamental research it is seen to have traded in very high volumes. Multibagger stocks have a great potential to grow in the long run.
For more details, visit Hindustan Oil share price history.
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