Why Chevron, Occidental Petroleum, and Devon Energy Rallied Today
Shares of oil giants Chevron (NYSE: CVX), Occidental Petroleum (NYSE: OXY), and Devon Energy (NYSE: DVN) rallied today, up 2.6%, 3.9%, and 4.2%, respectively, as of 1:17 p.m. ET.
Broad-based strength in oil and gas stocks likely reflect a reversal of yesterday's weak action, when the Wall Street Journal reported the OPEC+ cartel was contemplating production increases, due to the potential for Russian barrels going off the market in December. However, that rumor was refuted late yesterday and then again today, enabling these stocks to quickly regain what they'd lost.
Yesterday, oil and gas stocks took a big hit, after the WSJ article suggested Saudi Arabia and other oil producers in OPEC could increase their output by a collective 500,000 barrels per day at the upcoming Dec. 4 meeting.
Source Fool.com
