Oil stocks gain as equity markets rebound

Targa Resources

22/04/2025 16:26

Updates

 ** S&P 500 energy index up 1.7%, tracking prices of oil O/R

** Brent crude futures LCOc1 up 0.9% at $66.85/barrel and U.S. West Texas Intermediate crude CLc1 rises 1% to $63.75/ barrel

** Oil prices rise as equity markets rebound, though concerns persist over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand

** Energy majors Exxon XOM.N and Chevron CVX.N up 2.3% and 1.9%, respectively

** Marathon Petroleum MPC.N, APA Corp APA.O, Targa Resources TRGP.N and Devon Energy DVN.N up between 2.4% and 4.8%; among top percentage gainers on the energy index

** Refiners Valero Energy VLO.N and Marathon Petroleum MPC.N up 2.6% and 2.9%, respectively

** Halliburton HAL.N falls 5.7% after it posted a lower Q1 profit earlier today, dragging down other oil field services stocks; SLB SLB.N and Patterson-UTI Energy PTEN.O down ~1%

(Reporting by Katha Kalia in Bengaluru)

((Katha.Kalia@thomsonreuters.com))