US energy sector gains as crude prices edge higher

Marathon Oil

17/09/2024 16:30

** S&P 500 Energy Sector  .SPNY  gains 1%, tracking crude
prices  O/R 
    ** Brent crude  LCoc1  up 0.8% at $73.36/bbl and U.S. West
Texas Intermediate crude  CLc1  up 1.2% at $70.95/bbl, as focus
turns to the U.S. Federal Reserve's two-day policy meeting that
concludes on Wednesday
    ** Traders on Tuesday kept bets the Fed will start an
expected series of interest rate cuts with a
half-percentage-point move downward
    ** Prices also receive support from prospects of lower U.S.
crude stockpiles and concerns over U.S. production in the
aftermath of Hurricane Francine
    ** Energy majors Exxon Mobil  XOM.N  and Chevron  CVX.N 
both rise ~1%
    ** Shares of Devon Energy  DVN.N , Diamondback Energy
 FANG.O , Halliburton  HAL.N , Conocophillips  COP.N  and
Marathon Oil  MRO.N  gain between 1.5% and 1.9%
    ** APA Corp  APA.O  rises 2.4% - the top pct gainer on the
energy index

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