Oil stocks gain as investors cover short positions

ReutersApr 22, 2025 10:42 AM

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U.S.-listed shares of oil firms rise premarket, tracking prices of oil O/R

Brent crude futures LCOc1 up 1.4% at $67.16/barrel and U.S. West Texas Intermediate crude CLc1 rise 1.5% to $64.05 a barrel

Oil prices rose as investors took advantage of the previous day's losses to cover short positions, although concerns persisted over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand

Energy majors Exxon XOM.N and Chevron CVX.N up ~1% and 1.3%, respectively

Occidental Petroleum OXY.N and Diamondback Energy FANG.O up 1.7% each, EOG Resources EOG.N up 1.4% and ConocoPhillips COP.N up 1.8%

Refiners Valero Energy VLO.N and Marathon Petroleum MPC.N up 1% and 1.8%, respectively

Oilfield services SLB SLB.N and Halliburton HAL.N up 1.2% each

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