Oil cos up as report of potential US-China talks, Iraq output cut plan lift crude

S&P 500 energy index .SPNY rise 1.58%, tracking 2% gains in crude prices

Brent Crude futures LCOc1 up 2.03% at $65.98/bbl and U.S. West Texas Intermediate crude CLc1 rise 2.3% to $62.74, drawing some strength from a media report of possibility of trade talks between China and the U.S. and a report that Iraq will cut oil production in April O/R

China wants more respect from the Trump administration before it will agree to talks, Bloomberg News reported, quoting a person familiar with the Chinese government’s thinking

Energy majors Chevron CVX.N and Exxon Mobil XOM.N up 1.7% and 1.5% respectively

Marathon petroleum MPC.N, Diamondback Energy FANG.O, Devon Energy DVN.N and APA Corp APA.O up between 3.35% and 3.9%; among top percentage gainers on the energy index

Oilfield services companies Halliburton HAL.N up 1.7% and SLB SLB.N up 2.7%

Refiners PBF Energy PBF.N and Marathon Petroleum MPC.N up 7.3% and 3.5% respectively