Oil stocks fall on OPEC+ output increase, tariffs, US pause on Ukraine aid

Delek US Holdings

04/03/2025 13:51

** U.S.- listed shares of energy companies fall premarket, tracking declining oil prices O/R

** Brent LCOc1 crude futures down 1.5% at $70.53/barrel and U.S West Texas Intermediate crude CLc1 down 1.2% at $67.55

** Oil prices extended losses following reports that OPEC+ will proceed with a planned output increase in April and as U.S. tariffs on Canada, Mexico and China came into effect, as well as Beijing's retaliatory tariffs

** Another factor was President Donald Trump's decision to pause all U.S. military aid to Ukraine following his Oval Office clash with President Volodymyr Zelenskiy last week

** Oil majors Chevron CVX.N and Exxon XOM.N down 0.7% and 0~1% respectively

** APA Corp  down 1.4%, Permian Resources PR.N falls 1.2%, Occidental Petroleum OXY.N down ~1%

** Oilfield services (OFS) firms Baker Hughes BKR.O down 0.7%, SLB SLB.N down 1.1%, Halliburton HAL.N down 1.3%

** Refiners Valero Energy VLO.N falls 1.2% and Marathon Petroleum MPC.N down 0.3%

 (Reporting by Katha Kalia in Bengaluru)

 ((Katha.Kalia@thomsonreuters.com))