US Energy Stocks Rise in Premarket Trading as Geopolitical Tensions Boost Oil Prices
Deep News01-14 20:30
US energy stocks advanced in Wednesday's premarket session, driven higher by rising oil prices and related sectors amid ongoing geopolitical tensions involving Iran and Venezuela.
Brent crude climbed as much as 1.5%, reaching $66.46 per barrel, its highest level since October.
Citigroup analyst Francesco Martoccia wrote in a client note, "Protests in Iran could tighten the global oil supply-demand balance through short-term supply reductions, but the primary impact is an increase in geopolitical risk premium."
Energy-related stocks gaining in premarket trading included: ExxonMobil up 0.1%, ConocoPhillips up 0.6%, Halliburton up 0.67%, APA Corporation up 0.66%, DHT Holdings up 1.6%, and Frontline up 1%.
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