Oil prices move higher on reports of supply cuts

oil pump
From Tomi Kilgore: Shares of oil and gas companies were broadly higher Wednesday, as reports of supply cuts and optimism on U.S.-China trade talks helped fuel a rally in crude oil prices. The energy sector was the best performing of the S&P 500's 11 key sectors, with the SPDR Energy Select Sector ETF XLE, +0.95% climbing 2.0% with all 30 equity components gaining ground. The biggest gainer was Newfield Exploration Co.'s stock NFX, +7.69% which ran up 4.5%. Among other more-active components, shares of Marathon Oil Corp. MRO, +0.42% advanced 2.5%, Kinder Morgan Inc. KMI, +1.27% rose 1.5%, Exxon Mobil Corp. XOM, +0.55%tacked on 1.2%, Schlumberger NV SLB, +1.26% climbed 2.3%, and Chevron Corp.CVX, +0.31% gained 1.3%. Meanwhile, crude oil futures CLH9, +2.07% ran up 2.0%. The energy ETF has hiked up 13.9% year to date, while the S&P 500SPX, +0.27% has rallied 10.1%.
NYSE:USO February 13, 2019 1:23pm

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