Energy Stocks Jump after Surprise OPEC+ Cut
Shares in oil-and-gas firms jumped to start the week after an unexpected production cut by OPEC+ put the cost of crude on track for its biggest gain in nearly a year.
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Energy Stocks Jump after Surprise OPEC+ Cut!
Shares in oil-and-gas firms jumped to start the week after an unexpected production cut by OPEC+ put the cost of crude on track for its biggest gain in nearly a year.#oilandgas #markets pic.twitter.com/32v0WlOeZS
— The_Journalbiz (@the_journalbiz) April 3, 2023
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Stocks in international oil majors, refiners, oilfield service firms, shale drillers, natural-gas producers and pipeline operators were all up Monday morning:
The U.S. and global crude benchmarks both traded more than 6% higher Monday morning, a day after the group of oil producers led by Saudi Arabia said they would cut more than 1 million barrels of oil output from their collective production quotes.
The S&P 500’s energy sector was up more than 5% as broader markets wavered.
Higher oil prices will likely lead to lead to rising gasoline and diesel prices and could complicate U.S. central bankers’ attempts to clamp down on inflation.
- Exxon Mobil rose 5.7%
- Chevron edged 4.7% higher
- ConocoPhillips jumped 8.9%
- Marathon Oil surged 9.6%
- Halliburton increased 9.2%
- Hess climbed 7.9%
