Advertisement
UK markets closed
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • FTSE 250

    19,884.73
    +74.07 (+0.37%)
     
  • AIM

    743.26
    +1.15 (+0.15%)
     
  • GBP/EUR

    1.1712
    +0.0019 (+0.16%)
     
  • GBP/USD

    1.2624
    +0.0002 (+0.01%)
     
  • Bitcoin GBP

    55,810.24
    +676.61 (+1.23%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • NIKKEI 225

    40,327.89
    +159.82 (+0.40%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • CAC 40

    8,205.81
    +1.00 (+0.01%)
     

Why Chevron, Occidental Petroleum, and Devon Energy Rallied This Week

Why Chevron, Occidental Petroleum, and Devon Energy Rallied This Week

Shares of large-cap oil and gas companies, including Warren Buffett holdings Chevron (NYSE: CVX) and Occidental Petroleum (NYSE: OXY), along with shale pure-play Devon Energy (NYSE: DVN), were up strongly on the week, rising 12.4%, 14.7%, and 20.1%, respectively, through Thursday. After oil stocks fell in September on mounting recession worries, OPEC+ surprised the markets this week with a larger-than-expected coordinated production cut. On Wednesday, members of OPEC+ agreed to a 2 million barrel-per-day production cut, which was larger than expected and in defiance of U.S. calls to continue producing amid global inflation challenges.