Energy Stocks Soar As Oil Prices Jump On Hope Of OPEC Deal
Shares of energy companies surged in premarket trade Wednesday, as hopes for an OPEC deal to cut production sent crude oil futures soaring. The SPDR Energy Select Sector ETF ran up 3.4%, but it on course for a 16-month high. Among some of the sector heavyweights, shares of Exxon Mobil Corp. rose 2.1%, of Chevron Corp. gained 2%, of Transocean Ltd. surged 6%, of Schlumberger Ltd. shot up 3.2%, of Halliburton Co. gained 4.2% of Kinder Morgan Inc. rallied 3.7% and of Chesapeake Energy Corp. ran up 6%. Crude oil futures rocketed 8% in early trade, amid reports OPEC was close to a deal to cut production by 1.4 million barrels a day, and that Russia was considering deeper cuts.
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