Oil companies fall on Saudi price cuts, rise in OPEC output

Callon Petroleum Co

08/01/2024 11:57

** Shares of oil and gas companies decline premarket,
tracking a nearly 3% fall in crude prices  O/R 
    ** Brent crude  LCOc1  down 2.5% at $76.78/bbl and U.S. West
Texas Intermediate crude  CLc1  down 2.8% at $71.71/bbl after
sharp price cuts by top exporter Saudi Arabia and a rise in OPEC
output offset Middle East supply concerns
    ** Energy majors Chevron  CVX.N  and Exxon Mobil XOM.N  down
0.3% and 0.7%, respectively
    ** Shares of Occidental Petroleum  OXY.N , Callon Petroleum
 CPE.N , Devon Energy  DVN.N , Marathon Oil  MRO.N  and APA Corp
 APA.O  fall between 1.1% and 1.9%
    ** Oilfield services firms SLB  SLB.N  and Halliburton
 HAL.N  lose 1.1% and 1.6%, respectively
    **  Saudi Arabia on Sunday cut the February price of its
flagship Arab Light crude to Asian customers to the lowest level
in 27 months

 (Reporting by Vallari Srivastava)
 ((Srivastava.Vallari@thomsonreuters.com;))