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, +0.60% jumped 2.2% in premarket trading, with all of the components that have traded gaining ground. Chevron Corp.’s stock CVX, -1.02% climbed 2.4%, which was enough to pace the Dow Jones Industrial Average’s DJIA, +0.87% premarket gainers. Among other more-active energy ETF members, shares of Occidental Petroleum Corp. OXY, +3.33% ran up 3.
67% advanced 2.8%, Schlumberger Ltd. SLB, +0.54% and Devon Energy Corp. DVN, +1.98% 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.
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Source: WSJ - 🏆 98. / 63 Read more »