Energy Stocks Rally Led by Rising Oil Prices; Halliburton, Transocean Shines
Wednesday, June 29, 2021 2:58 PM

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Energy sector add to previous session gains as oil prices climb after a report showed a larger-than-expected weekly decline for inventories. The Energy Information Administration reported a decline of 4.4 million barrels in crude inventories for the week ended June 24. Shares of the oil service shares climbed after the report. Among the gainers in the sector were, Exxon Mobil Corp. (NYSE: XOM) rose 0.85 percent to $80.31, Chevron Corp. (NYSE: CVX) added 1.28 percent to $101.63, and ConocoPhillips (NYSE: COP) climbed 1.45 percent to $74.32. Halliburton Company (NYSE: HAL) and Transocean Ltd. (NYSE: RIG) were the biggest gainers in the sector. Shares of Halliburton rose 3.27 percent to $50.28 and Transocean shares added 4.05 percent to $64.23 on Wednesday. In the broader sector, the NYSEArca Oil Index (XOI) rose 1.71 percent to 1,286.66, the NYSEArca Natural Gas Index (XNG) trading up 1.32 percent to 672.48, and the Philadelphia oil Service Index (OSX) gained 2.49 percent to 265.35. Among the ETF’s, Energy Select Sector Fund ETF (NYSEArca: XLE) was trading higher by 1.64 percent to $74.59 and iShares Dow Jones US Energy ETF (NYSEArca: IYE) also gained 1.79 percent to $42.64 on Wednesday.

 

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