Energy companies slide as OPEC+ proceeds with September output increase

Murphy Oil

04/08/2025 14:10

** U.S-listed shares of energy companies fall premarket, tracking a dip in crude prices O/R

** Brent Crude LCOc1 down 2.3% at $68.09/barrel and U.S. West Texas Intermediate crude futures CLc1 falls 2.6% to $65.58/barrel

** Energy majors Chevron CVX.N and Exxon Mobil XOM.N down 0.3% and 0.5%, respectively

** Vital Energy VTLE.N, Occidental Petroleum OXY.N, Permian Resources PR.N and Murphy Oil MUR.N decline between 0.7% and 1.4%

** Crude prices fell to their lowest in a week, after OPEC+ agreed to another large output increase in September, though traders remained wary of further sanctions on Russia

** "The potential disruption to Russian supplies could see physical markets remain tight in near term, but rising OPEC output could blunt any bullish momentum," - Panmure Liberum analyst, Ashley Kelty

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))