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 story : Oil stocks see broad rally as crude prices reverse higher after SPR release plan #FinanceUSA #StockMarketNEWS Shares of oil companies are enjoying a broad rally Tuesday, after crude oil prices bounces

@stockMarketNEWS 5 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

Oil stocks see broad rally as crude prices reverse higher after SPR release plan #FinanceUSA #StockMarketNEWS
Shares of oil companies are enjoying a broad rally Tuesday, after crude oil prices bounces sharply to turn positive, shrugging off President Biden's announcement of a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) in an attempt to rein in prices. The SPDR Energy Select Sector ETF rose 1.1% in premarket trading, with all 21 components gaining ground ahead of the open. Among some of the more active components, shares of Exxon Mobil Corp. gained 0.8%, Chevron Corp. rose 1.3%, ConocoPhillips climbed 1.2%, Marathon Oil Corp. tacked on 1.6% and Occidental Petroleum Corp. advanced 1.9%. Continuous crude oil futures rose 1.2% to .66, reversing an earlier loss of about 1.8%, according to FactSet data. Meanwhile, futures for the S&P 500 were little changed.


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