Sector Update: Energy Stocks Rise Friday Afternoon
Energy stocks gained Friday afternoon with the NYSE Energy Sector Index adding 2.5% and the Energy Select Sector SPDR Fund (XLE) rising 2.6%.
The Philadelphia Oil Service Sector index climbed 3.2%, and the Dow Jones US Utilities index advanced 1.2%.
West Texas Intermediate crude oil rose 1.1% to $67.25 a barrel, while global benchmark Brent gained 1% to $70.59 a barrel. Henry Hub natural gas futures added 0.2% to $4.12 per 1 million BTU.
In corporate news, executives from the biggest oil companies are set to meet with President Donald Trump next week, Bloomberg reported. Shares of Exxon Mobil (XOM) gained 2.6%, Chevron (CVX) advanced 1.9% and Shell (SHEL) rose 1.3%.
Eni's (E) Plenitude is under investigation by the Italian Competition Authority over "a suspected unfair commercial practice," the regulator said. Eni shares rose 1.2%.
BP (BP) stopped a gas leak at its Greater Tortue Ahmeyim project off West Africa on Wednesday. BP shares added 3%.
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