BUZZ-Oil stocks gain as Saudi Arabia hikes prices

Reuters05-06

** Shares of oil and gas companies rise premarket, tracking gains in crude prices

** Brent crude up 0.6% at $83.52/bbl and U.S. West Texas Intermediate crude up 0.8% at $78.74/bbl, after Saudi Arabia hikes June prices for most regions

** Dimming prospects of a ceasefire in Gaza, which renewed fears the Israel-Hamas conflict can still widen in the key oil-producing region, also support oil prices

** Energy majors Exxon Mobil and Chevron rise 0.5% and 0.6%, respectively

** Shares of Permian Resources , Marathon Oil , EOG Resources , APA Corp and ConocoPhillips

gain between 0.9% and 1.4%

** Oilfield services firms SLB , Halliburton , and Baker Hughes rise between 1% and 1.5%

(Reporting by Vallari Srivastava in Bengaluru)

((Srivastava.Vallari@thomsonreuters.com;))

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