Shares of energy producers rose alongside oil futures as traders remained bullish on the outcome of an Organization of the Petroleum Exporting Countries meeting this week. Analysts at brokerage Raymond James said production growth on the Permian Basin oilfields wouldn't compensate for the cuts made by OPEC, as some oil traders had predicted, particularly given the likelihood of increased consumption in coming years, as reported earlier. Recent production and storage data from the U.S. has quelled concerns that OPEC's cuts were rendered futile by increases in shale-oil output.
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(END) Dow Jones Newswires
May 22, 2017 16:13 ET (20:13 GMT)