Beach Energy Ltd (BPT.AU) shares surged 9.52% in Thursday's pre-market trading, riding the wave of a significant rebound in global oil prices. The jump comes as investors react positively to overnight developments in the oil market and broader economic policies.
The catalyst for this impressive rally appears to be the substantial increase in crude oil prices. WTI crude oil prices climbed 5.1% to US$62.60 a barrel, while Brent crude oil rose 4.6% to US$65.71 a barrel. This uptick in oil prices was primarily attributed to U.S. President Trump's decision to lower tariffs on most countries, a move that has bolstered optimism in global trade and energy demand.
As an oil and gas exploration and production company, Beach Energy's stock price is closely tied to movements in the oil market. The company stands to benefit significantly from higher oil prices, which could potentially boost its revenues and profitability. Additionally, the broader Australian market is expected to have a strong session, with the ASX 200 futures indicating a 6.6% jump at the open, further supporting the positive sentiment around energy stocks like Beach Energy.
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