Oil firms rise on prospects of demand recovery, OPEC+ supply cuts

Sport Lisboa e Benfica Futebol SAD

29/11/2022 11:24

** Oil firms rise tracking crude prices that jumped on
demand recovery prospects from China on hopes that the top oil
consumer would relax its COVID controls  O/R  
    ** Also supporting prices were expectations that the OPEC+
would agree to cut oil output during its Dec. 4 meeting as a
response to prices hit by weakened demand out of China
    ** Brent crude  LCOc1  up 2.8% to $85.5, while U.S. West
Texas Intermediate (WTI) crude  CLc1  up 2.4% to $79.04
    ** Oil majors Exxon Mobil Corp  XOM.N  and Chevron Corp
 CVX.N  climb before bell by 1.5% and 1.3%, respectively
    ** EOG Resources  EOG.N , Occidental Petroleum  OXY.N  and
Marathon Oil  MRO.N  rise between 1.5% and 2.2% in premarket
trading
    ** Oilfield services firms SLB NV  SLB.N  and Halliburton Co
 HAL.N  climb 2.2%-2.4% premarket
    ** Oil and gas exploration firms Devon Energy Corp  DVN.N 
and Pioneer Natural Resources Co  PXD.N  rise 2.6% and 1.9%,
respectively
    ** ETFs United States Oil Fund LP  USO.P  rises 2.9% and
ProShares Ultra Bloomberg Crude Oil  UCO.P  gains 5.5%
    ** Up to Monday's close, Brent crude had risen 10% YTD,
while WTI had risen 5.5% YTD
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))