US energy sector climbs on hopes of firmer demand

Permian Resources

17/05/2024 16:29

** S&P 500 Energy Sector  .SPNY  rises 0.7%, tracking gains
in crude prices  O/R 
    ** Brent crude  LCOc1  up 0.3% at $83.51/bbl and U.S. West
Texas Intermediate crude  CLc1  up 0.3% at $79.48/bbl, after
economic indicators from big consumers China and the United
States bolstered hopes for higher demand
    ** China's industrial output rose 6.7% year-on-year in April
as a recovery in its manufacturing sector gathered pace
    ** U.S. consumer prices rose less than expected in April,
data showed on Wednesday, boosting expectations of lower
interest rates
    ** Energy majors Exxon Mobil  XOM.N  and Chevron  CVX.N 
rise 0.7% and 0.3%, respectively
    ** Shares of Diamondback Energy  FANG.O , EQT Corp  EQT.N ,
Baker Hughes  BKR.O , Marathon Petroleum  MPC.N  and Valero
Energy  VLO.N  are among the top pct. gainers on the energy
index, advancing between 0.8% and 2.4%
    

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