BUZZ-Energy companies rise as crude prices gain on Fed rate-cut signals, supply concerns
Energy companies' stocks rise as crude prices increase, driven by expectations of a U.S. Federal Reserve rate cut and geopolitical supply concerns. The S&P 500 energy index is up 0.5%, with Brent crude futures and U.S. West Texas Intermediate crude both rising by 1%. Top gainers include Exxon, Expand Energy, EQT Corp, Diamondback Energy, SLB, Halliburton, Phillips 66, and Valero Energy, with increases ranging from 1.1% to 2.5%.
S&P 500 energy index (.SPNY) up 0.5% as crude prices edge higher (O/R)
Brent crude futures (LCOc1) up 1% at $63.88/ barrel and U.S. West Texas Intermediate crude (CLc1) rises 1% to $60.27/barrel Oil prices rise on increasing expectations the U.S. Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand, and geopolitical uncertainty that could reduce supplies from Russia and Venezuela
Top oil and gas firm Exxon (XOM.N) up marginally
Expand Energy (EXE.O) , EQT Corp (EQT.N) , Diamondback Energy (FANG.O) and SLB (SLB.N) rise between 1.4% and 2.3%, among biggest percent gainers on the index
Oilfield services firm Halliburton (HAL.N) up 2.5%
Refiners Phillips 66 (PSX.N) and Valero Energy (VLO.N) rise 1.1% each
