Energy firms rise as US rate-cut hopes outweigh economic slowdown signals

Marathon Oil

18/07/2024 19:13

** S&P 500 energy index  .SPNY  rises 1% as oil prices edge
higher
    ** Brent crude futures  LCOc1  up 0.6% at $85.56 a barrel;
U.S. West Texas Intermediate (WTI) crude  CLc1  rises 0.8% to
$83.51 a barrel
    ** Oil prices edge up as rising expectations that the
Federal Reserve would soon cut interest rates, which could boost
oil demand, outweighed concerns about an economic slowdown that
could dampen fuel consumption
    ** Oil majors Chevron  CVX.N  and Exxon Mobil  XOM.N  up
1.3% and 1.8%, respectively
    ** Marathon Oil  MRO.N , Occidental  OXY.N , Williams
Companies  WMB.N  and Kinder Morgan  KMI.N  up between 1.5% and
4.1%, among top percentage gainers on the energy index
    ** Refiner Marathon Petroleum  MPC.N  up 0.5%
    ** Oilfield equipment and services operator Halliburton
 HAL.N  up 1.4%

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))