Energy sector gains as OPEC+ agrees to deep cuts

TechnipFMC

05/10/2022 17:10

** S&P 500 energy sector climbs 1.7% tracking over 2% rise
in benchmark crude prices as OPEC+ agreed its deepest cuts to
oil production since the 2020 COVID pandemic
    ** OPEC+ agreed to production cuts of 2 mln bpd or 2% of
global demand
    **Brent crude  LCOc1  up 2.3% to $93.92/bbl, while U.S. WTI
crude  CLc1  advances 2.2% to $88.39  O/R 
    ** Oil major Exxon Mobil  XOM.N  climbs 4%; XOM signals
strong Q3 earnings on natural gas pricing  urn:newsml:reuters.com:*:nL1N3152VA
    ** Baker Hughes  BKR.N , APA Corporation  APA.O ,
Halliburton  HAL.N , Phillips 66  PSX.N  XOM, Schlumberger N.V.
 SLB.N  among the top pct gainers on the energy index, up
between 2.5% and 6.6%
    ** United States Oil Fund LP  USO.P  up 2.6% and ProShares
Ultra Bloomberg Crude Oil  UCO.P  rises 5.1%
    ** Crude prices also rose on U.S. government data that
showed crude and fuel inventories fell last week
 (Reporting by Arshreet Singh in Bengaluru)
 ((arshreet.singh@thomsonreuters.com
Twitter: https://twitter.com/Arshreets))