Oil Stocks Soar As Futures Touch $90 (CVX, OXY, COP, XOM, BP, PBR)
Oil futures traded on the New York Mercantile Exchange traded above as high as $90.76, the highest level since October 2008, according to Bloomberg News and that bullish trade is helping boost the Big Oil and Gas Stocks Index, which is up by 0.5%. Several of the Index’s marquee constituents have touched new 52-week highs in today’s session.
Chevron (CVX), the second-largest U.S. oil company, and Occidental Petroleum (OXY), the fourth-largest U.S. oil company, both touched fresh 52-week highs earlier today. Both stocks are up 1% today and both gained over 6% in the past week. ConocoPhillips (COP), the third-largest U.S. oil company, is also up 1% today and has also touched a new 52-week high. ExxonMobil (XOM), the world’s largest publicly traded oil company, is up 1% as well, but is still almost $3 off a new 52-week high.
Among international integrated oil names, BP (BP), Europe’s second-largest oil company, continues its resurgence and is up 1% today and 8% in the past week. BP is reportedly mulling the sale of $1 billion in North Sea assets to raise more cash for costs tied to the Gulf of Mexico oil spill as part of its previously announced plan to divest $30 billion in global assets.
Brazil’s state-run oil giant Petroleo Brasileiro (PBR) continues to be a sector laggard, down 1% today. Petrobras is the worst-performing integrated oil stock in the world this year.
Investors can track the Big Oil and Gas Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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