Oil companies advance as demand expectations lift crude prices

Marathon Oil

24/06/2024 19:46

** Shares of energy and oil field services companies rise as
crude prices get lift from stronger summer fuel demand and
rising geopolitical tensions
    ** Among the top gainers on the S&P 500  .SPX  are
Schlumberger  SLB.N  up 4.3% at $47.63, Devon Energy  DVN.N  up
4.3% at $47.79, Baker Hughes  BKR.O  up 4.1% at $34.30, Coterra
Energy  CTRA.N  up 3.8% at $27.65, Occidental Petroleum  OXY.N 
up 3.7% at $63.21
    ** Other oil & gas gainers are Diamondback Energy  FANG.O 
up 3.5% at $197.57, Marathon Oil  MRO.N  up 3.3% to $28.68, EQT
Corp  EQT.N  up 3.2% at $38.10, and ConocoPhillips  COP.N  up
3.1% at $114.76
    ** Brent futures  LCOc1  for August delivery are 1% to
$86.13 a barrel, while U.S. crude  CLc1  futures rise 1.2% to
$81.71 per barrel
    ** Crude advanced about 3% last week for their second
consecutive weekly upswing. 
    ** Confidence that summer driving demand to deplete
inventories supports prices, along with risks in the Middle East
and a ramp-up in Ukrainian drone attacks on Russian refineries  
  
    

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))