Energy stocks enjoyed a broad rally Tuesday, fueled by the surge in natural gas and crude oil futures to multi-year highs. The rally in energy futures follows the decision on Monday by the Organization of the Petroleum Exporting Countries (OPEC) and its allies not to accelerate its plan to relax production cuts. Among some of the more active oil and natural gas producers, shares of Marathon Oil Corp. (MRO) shot up 3.1% toward the highest close since May 2019, Occidental Petroleum Corp. (OXY) climbed 2.6% toward a 3-month high and Devon Energy Corp. (DVN) hiked up 2.3% toward the highest close since October 2018. Meanwhile, crude oil futures jumped 2.0% toward the highest close since October 2014 and natural gas futures powered up 9.4% toward the highest close since December 2008. Among other energy companies, shares of Exxon Mobil Corp. (XOM) slipped 0.1% and Chevron Corp. (CVX) rose 1.4%.
(END) Dow Jones Newswires
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