Energy Stocks Rise Premarket as Crude Prices Extend Gains

MT Newswires Live
03/06

Oil and gas stocks advanced in premarket activity Friday as crude prices extended gains amid the continued fighting in the Middle East.

Brent crude futures climbed above $88 a barrel, marking a gain of more than 21% over the past week.

The US Treasury on Thursday issued a waiver allowing India to purchase Russian oil that had been stranded at sea and allowed transactions with the German branch of Russia's state-owned Rosneft, multiple media outlets reported.

Shares of Exxon Mobil (XOM), BP (BP) and Chevron (CVX) rose more than 1% in premarket activity, while ConocoPhillips (COP) gained more than 2%. Shell (SHEL), Eni (E) and TotalEnergies (TTE) were each up less than 1%.

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