US energy stocks join European peers’ rally after surprise oil output cut – Reuters
- Date: 04-Apr-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
US energy stocks join European peers’ rally after surprise oil output cut – Reuters
April 3 (Reuters) - U.S. energy stocks hit an over one-month high on Monday, following a rally in European peers as crude prices rose more than 6% following a surprise announcement by Saudi Arabia and other OPEC+ oil producers to cut production.
The S&P 500 energy index (.SPNY) added 4.2%, eying its best day in six months, while the benchmark S&P 500 (.SPX) traded flat.
OPEC+ on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise decision that analysts said would cause an immediate rise in prices and the United States called inadvisable.