Why Oil and Gas Stocks Rose Again Today
Major oil company stocks were on the rise again Tuesday, with Chevron (NYSE: CVX) up 3.7%, Occidental Petroleum (NYSE: OXY) up 3%, and Devon Energy (NYSE: DVN) up 4.4% as of 3:11 p.m. ET.
The move follows yesterday's surge, which was attributed to rumors OPEC+ would consider a production cut of 1 million barrels per day or more. On Tuesday, that figure was raised yet again, causing oil prices to rise for a second day leading up to tomorrow's meeting.
On Tuesday, Bloomberg reported that OPEC+ members were now considering cutting production by as much as 2 million barrels per day. That's an escalation from the figure initially reported by The Wall Street Journal this past weekend, which suggested a cut of roughly 1 million barrels would be considered.
Source Fool.com
