Why ConocoPhillips Rallied on Monday
Shares of U.S. oil and gas major (NYSE: COP) rallied as much as 6.5% on Monday, before settling into a 3.2% gain as of 12:42 p.m. EDT.
Conoco, along with other U.S.-based oil and gas producers, oil services companies, and refiners, rallied today in response to the U.S. ousting Venezuelan President Nicolás Maduro last Friday night.
This past weekend's events could open up Venezuela's vast oil and gas reserves to U.S. companies. Moreover, ConocoPhillips, in particular, is owed billions by Venezuela, which seized the company's assets back in 2007.
Source Fool.com
ConocoPhillips Stock
€82.82
1.270%
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