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Oil firms rise on US-China tariff reductions

ReutersMay 12, 2025 2:05 PM

S&P 500 energy index .SPNY rise 3.7%, tracking jump in oil prices

Brent crude futures LCOc1 up 3.3% at $65.99/barrel; U.S. West Texas Intermediate crude CLc1 climb 3.7% to $63.07/barrel

Oil prices rise after U.S. and China said they would ease some of their tariff measures, raising hopes of end to trade war between world's two largest crude consumers O/R

Energy majors Chevron CVX.N and Exxon XOM.N rise 2.5% and 1.6%, respectively

APA Corp APA.O gains 7.8%, Diamondback Energy FANG.O up 5.6%, Devon Energy DVN.N rise 5.2%, Occidental Petroleum OXY.N up 5.4% and ConocoPhillips COP.N gains 5.2%; among top percentage gainers on energy index

Oilfield service companies Halliburton HAL.N rise 6.2% and SLB SLB.N up ~5%

Refiners Marathon Petroleum MPC.N up 5.3%, Phillips 66 PSX.N rise 6.5%, Valero Energy VLO.N gains 5.5%

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