Oil & gas stocks climb after OPEC+ extends output cuts to end-July

Borr Drilling

08/06/2020 10:35

** Oil and gas stocks rally premarket as OPEC and its allies
agreed to extend record production cuts to end of July along
with China's crude imports hitting all-time high last month
    ** Brent crude  LCOc1  was up 0.95%, at $42.70 per barrel,
while U.S. West Texas Intermediate (WTI) crude  CLc1  rose
0.81%, to $39.87 a barrel
    ** Shares of oil major Chevron Corp  CVX.N  gain 3.2% and
Exxon Mobil  XOM.N  rises 2.8% each
    ** Oil producers Apache Corp  APA.N , Devon Energy  DVN.N ,
QEP Resources  QEP.N , Callon Petroleum  CPE.N , Occidental
Petroleum  OXY.N  climb between 16% and 34%
    ** Top oilfield services firms Schlumberger NV  SLB.N ,
Helmerich and Payne  HP.N  and TechnipFMC  FTI.N  gain between
6.4% and 8.5%
    ** U.S.-listed shares of Seadrill  SRDL.OL   SDRL.N  up
29.4% and Borr Drilling  BDRILL.OL   BORR.N  up 14.7%
    ** Brent has nearly doubled since the Organization of
Petroleum Exporting Countries, Russia and allies agreed in April
to cut supply by 9.7 bpd during May-June to prop up prices that
collapsed due to the coronavirus crisis  O/R 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext:
2776; Reuters Messaging:
arundhati.sarkar.thomsonreuters.com@reuters.net))