Why ConocoPhillips, Cenovus Energy, and Marathon Oil Stocks All Popped Today

Shares of energy giant ConocoPhillips (NYSE: COP) jumped nearly 5% in early trading Tuesday, and remained up 3% as of 12:20 p.m. EDT. The fact that analysts at Wells Fargo tweaked their price target on the stock higher this morning might have helped. But at the same time as Conoco shares moved higher, so did shares of rival oil producers Cenovus Energy (NYSE: CVE), which were up 7.4%, and Marathon Oil (NYSE: MRO), up 12.2% -- without any analyst comments about either today.

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The Wall Street Journal is reporting that in Vienna, the OPEC group of oil-producing nations, plus the OPEC+ nations such as Russia that also produce oil, have just agreed to increase production.  

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Source Fool.com