Oil stocks gain as Saudi Arabia hikes prices

Permian Resources

06/05/2024 13:53

** Shares of oil and gas companies rise premarket, tracking
gains in crude prices  O/R 
    ** Brent crude  LCOc1  up 0.6% at $83.52/bbl and U.S. West
Texas Intermediate crude  CLc1  up 0.8% at $78.74/bbl, after
Saudi Arabia hikes June prices for most regions
    ** Dimming prospects of a ceasefire in Gaza, which renewed
fears the Israel-Hamas conflict can still widen in the key
oil-producing region, also support oil prices
    ** Energy majors Exxon Mobil  XOM.N  and Chevron  CVX.N 
rise 0.5% and 0.6%, respectively
    ** Shares of Permian Resources  PR.N , Marathon Oil  MRO.N ,
EOG Resources  EOG.N , APA Corp  APA.O  and ConocoPhillips
 COP.N  gain between 0.9% and 1.4%
    ** Oilfield services firms SLB  SLB.N , Halliburton  HAL.N ,
and Baker Hughes  BKR.O  rise between 1% and 1.5%

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