Tuesday, March 10, 2020

Occidental Petroleum's 31% rally as crude oil prices bounce

Occidental reduces dividend and capital spending- oil and gas 360


Energy stocks enjoyed a broad and sharp bounce in premarket trading Tuesday, as crude oil futures CL00, +3.08% rallied 9.2% after the previous session's 24.6% drubbing. The SPDR Energy Select Sector ETF XLE, +4.74% shot up 8.9% ahead of the open after tumbling 21.1% on Monday. Among the biggest early gainers, shares of Occidental Petroleum Corp. OXY, +14.62% rocketed 30.7%, Apache Corp. APA, +12.98% hiked up 21.3% and Marathon Oil Corp. MRO, +21.21% soared 19.8%. Elsewhere, shares of Exxon Mobil Corp. XOM, +3.70% jumped 9.3% and Chevron Corp. CVX, +5.34% climbed 6.6%. The bounce in energy stocks comes as futures YMH20, -1.93% for the Dow Jones Industrial Average DJIA, +4.89% rallied 1,035 points, or 4.3%, after the Dow plunged 2,014 points on Monday.

No comments:

Post a Comment