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Energy companies rise amid Canadian wildfire supply concerns, softer dollar

ReutersJun 2, 2025 7:54 PM

S&P 500 energy index .SPNY up 1%, tracking a rise in oil prices O/R

Brent crude futures LCOc1 up 3.4% at $64.90/barrel, while U.S. West Texas Intermediate crude CLc1 rises 3.3% to $64.85/barrel

Prices rose despite producer group OPEC+ sticking with output hike plans, as wildfires burning in Canada's oil-producing province threatened supply and President Donald Trump's new tariff threats weighed on the U.S. dollar

Energy majors Chevron CVX.N and Exxon XOM.N, both, up marginally

EQT Corp EQT.N, Targa Resources TRGP.N, Devon Energy DVN.N and Coterra Energy CTRA.N up between 2.4% and 2.8%; among the top percentage gainers on the energy index

Oilfield services companies: Halliburton HAL.N rises 2.1% and SLB SLB.N up 0.9%

Refiner Phillips 66 PSX.N up 0.6%

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