Oil stocks rally, with Chevron's leading the Dow's gainers, as attack on Israel by Hamas sends crude prices surging
Oil stocks got a broad boost Monday, as the attack on Israel by Hamas sent crude oil prices surging. The Energy Select Sector SPDR ETF (XLE) jumped 2.2% in premarket trading, with all of the components that have traded gaining ground. Chevron Corp.'s stock (CVX) climbed 2.4%, which was enough to pace the Dow Jones Industrial Average's premarket gainers. Among other more-active energy ETF members, shares of Occidental Petroleum Corp. (OXY) ran up 3.2%, of Exxon Mobil Corp. (XOM) advanced 2.8%, Schlumberger Ltd. (SLB) and Devon Energy Corp. (DVN) rallied 3.2%. Meanwhile, crude oil futures hiked up 3.4% to $85.60, following a seven-session stretch in which they shed 11.6%, after closing Sept. 27 at a 13-month high of $93.68. Benchmark analyst Kurt Hallead said he didn't believe the events in Israel would derail any agreements between the U.S. and Saudi Arabia over oil supply and prices, and he expects the Saudis will continue to enable a "soft landing for oil" in the $70-to-$90 per barrel range.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-09-23 0631ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains