Shares of energy companies rose as another production cut from the Organization of the Petroleum Exporting Countries and its allies boosted oil prices.
OPEC+ agreed to a significant production cut of an additional million barrels a day, delegates said, in a move that will likely keep prices elevated amid the continuing conflict in the Middle East.
Shares of oil producer Occidental Petroleum slipped after reports it was in talks to buy Crownrock, a rival producer in the west Texas area of the Permian basin. The deal follows Exxon Mobil’s agreement to buy fellow Permian Basin oil driller Pioneer Natural Resources.
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