Oil stocks enjoy broad rally as crude prices jump, with Exxon Mobil at an 8-year high and Chevron at a record - MarketWatch

The energy sector is on track to enjoy a unanimous rally Tuesday, as the European Union's ban on Russian oil has sent crude oil futures surging. The SPDR Energy Select Sector ETF XLE, -0.11% rallied 1.0% in premarket trading, with all 21 equity components gaining ground. The biggest gainer is Pioneer Natural Resources Co.'s stock PXD, +0.92%, which rallied 2.9% into record territory. Among the more active components, shares of Occidental Petroleum Corp. OXY, -0.16% ran up 2.7% toward a 3 1/2-year high, Marathon Oil Corp. MRO, +3.06% climbed 2.5% toward a 7 1/2-year high, Exxon Mobil Corp. XOM, +0.16% gained 1.1% toward an eight-year high and Chevron Corp. CVX, -0.56% advanced 0.8% toward a record high. Meanwhile, crude oil futures CL00, -0.23% jumped 3.3% to a two-month high of $118.84, and futures ES00, +0.10% for the S&P 500 SPX, +0.12% slipped 0.7%.

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https://www.marketwatch.com/story/oil-stocks-enjoy-broad-rally-as-crude-prices-jump-with-exxon-mobil-at-an-8-year-high-and-chevron-at-a-record-2022-05-31

2022-05-31 10:47:00Z
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