These Oil Stocks Are Rocketing Higher Today on Big OPEC+ Deal
Shares of oil drilling stocks are flying higher on June 8, following news over the weekend that some of the world's biggest oil-producing nations had reached an agreement to continue output cuts first implemented in April. As of 2:08 p.m. EDT, shares of the following seven oil drilling and oilfield services contractors are up as much as 129% today:
Data source: YCharts.
Today is a big day for many oil stocks. On Saturday, OPEC+, the group of more than 20 oil-producing nations that includes heavyweights Saudi Arabia and Russia, reached an agreement to extend the deal that cut 9.6 million barrels per day of their combined production through the end of July. This extension helps to stabilize an oil market that has seen a massive collapse in global demand during the COVID-19 pandemic.
Source Fool.com
