Energy sector up as positive Chinese signals counter recession woes
17/10/2022 16:27
** S&P 500 energy sector .SPNY up 2%, tracking gains in
crude prices
** Brent crude LCOc1 up 1.1% at $92.65/bbl, while U.S. WTI
crude CLc1 advances 0.9% to $86.36/bbl as China's continuation
of loose monetary policy was partly offset by fears that high
inflation and energy costs could drag the global economy into
recession O/R
** Oil majors Chevron Corp CVX.N and ExxonMobil XOM.N
gain 2% and 2.6%, respectively
** Hess Corp HES.N , Marathon Petroleum MPC.N , Valero
Energy VLO.N , Williams Companies WMB.N , Occidental Petroleum
and Baker Hughes BKR.O up between 2.1% and 2.8%, among the top
pct gainers on the energy index
** ETFs United States Oil Fund LP USO.P up 0.8% and
ProShares Ultra Bloomberg Crude Oil UCO.P up 1.8%
** Shares of Continental Resources Inc CLR.N up 8.5% as
the shale producer agrees to be taken private by
billionaire-founder Harold Hamm in a deal valued at $27 billion
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(Reporting by Sourasis Bose in Bengaluru)
((Sourasis.bose@thomsonreuters.com))