Energy stocks get a broad boost from rising crude oil prices

Shares of oil and gas companies traded broadly higher Monday, as crude oil prices climbed toward a fourth-straight gain. The Energy Select Sector SPDR exchange-traded fund (XLE) rallied 0.8% in premarket trading, with 21 of its 23 equity components trading higher. after rising 4.9% over a five-day win streak through Friday. Among the energy ETF's (XLE) more-active components, shares of Occidental Petroleum Corp. (OXY) advanced 0.9%, Devon Energy Corp. (DVN) tacked on 0.8%, Marathon Oil Corp. (MRO) rose 1.2%, Exxon Mobil Corp. (XOM) gained 0.6% and Chevron Corp. (CVX) tacked on 0.6%. Crude oil futures rose 1.1%, and have hiked up 5.5% in four days. The gain on Monday comes after Saudi Arabia said it would extend a 1 million barrel-a-day production cut through August, while Russia said it would cut exports this month by 500,000 barrels a day.

-Tomi Kilgore

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07-03-23 0837ET

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