Shares of oil companies are trading higher as prices rise after Saudi Arabia and Russia announced an extension of production cuts until December.
Portfolio Pulse from Benzinga Newsdesk
Shares of oil companies are trading higher due to an extension of production cuts until December announced by Saudi Arabia and Russia. This has led to a rise in oil prices, positively impacting companies like BP, CVX, EOG, and OXY.
September 05, 2023 | 3:35 pm
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POSITIVE IMPACT
BP's shares are likely to rise in the short term due to extended production cuts leading to higher oil prices.
The extension of production cuts by Saudi Arabia and Russia is causing a rise in oil prices, which directly benefits oil companies like BP. This is likely to lead to a short-term increase in BP's share price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
CVX's shares are expected to increase in the short term due to the rise in oil prices following extended production cuts.
The extension of production cuts by Saudi Arabia and Russia is causing a rise in oil prices, which directly benefits oil companies like CVX. This is likely to lead to a short-term increase in CVX's share price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
EOG's shares are likely to rise in the short term due to extended production cuts leading to higher oil prices.
The extension of production cuts by Saudi Arabia and Russia is causing a rise in oil prices, which directly benefits oil companies like EOG. This is likely to lead to a short-term increase in EOG's share price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
OXY's shares are expected to increase in the short term due to the rise in oil prices following extended production cuts.
The extension of production cuts by Saudi Arabia and Russia is causing a rise in oil prices, which directly benefits oil companies like OXY. This is likely to lead to a short-term increase in OXY's share price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75