As OPEC+ agreed to remain with its planned increase for February production, crude oil prices jumped Tuesday to $80 a barrel in Europe and $77 in the states. Oklahoma energy stocks rose as well.
West Texas Intermediate crude for February deliver rose 91 cents or 1.2% to finish the day at $76.99 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for March delivery rose $1.02 or 1.3% to settle at $80 a barrel on ICE Futures Europe. It had earlier touched at $80.55 a barrel before settling at the highest front-month contract since Nov. 25.
The price was obviously boosted by the decision from major oil producers known as OPEC+ to push ahead with their decision to gradually increase crude output next month, despite some risks connected to the omicron variant of the coronavirus.
Oklahoma energy stocks also had a good day with Laredo Petroleum seeing a gain of nearly 11% while Coterra Energy and Ovintiv had 7% gains.
Apache (APA) up 1.40 at 29.46 – change 4.98%
Cheniere (LNG) up 2.25 at 104.74 – change 2.19%
Chevron (CVX) up 2.17 at 121.43 – change 1.81%
ConocoPhillips (COP) up 3.20 at 76.97 – change 4.33%
Diamondback Energy (FANG) up 7.36 at 119.20 – change 6.58%
Energy Transfer LP (ET) up 0.21 at 8.92 – change 2.41%
Enterprise Products Partners (EPD) up 0.31 at 22.95 – change 1.36%
EOG Resources (EOG) up 4.19 at 95.35 – change 4.59%
ExxonMobil (XOM) up 2.39 at 65.93 – change 3.76%
Kinder Morgan (KMI) up 0.23 at 16.57 – change 1.40%
Marathon Oil Corp. (MRO) up 0.74 at 17.61 – change 4.38%
National Oilwell Varco (NOV) up 0.38 at 14.77 – change 2.64%
Occidental Petroleum (OXY) up 2.31 at 33.38 – change 7.46%
Phillips 66 (PSX) up 2.83 at 78.56 – change 3.73%
Pioneer Natural Resources (PXD) up 4.38 at 191.28 – change 2.34%
Valero (VLO) up 1.37 at 78.51 – change 1.77%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.04 at 88.65 – change 0.04%
CenterPoint (CNP) down 0.17 at 27.45 – change 0.62%
Entergy (ETR) down 0.12 at 111.28 – change 0.11%