Energy majors were soaring pre-market Monday. West Texas Intermediate crude oil for October delivery was up $5.58 at $60.43 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude November contract gained $6.21 to $66.43 per barrel and October natural gas futures were 6 cents higher at $2.67 per 1 million BTU. Among energy-related ETFs, the United States Oil Fund was up 9.18%, while the United States Natural Gas fund was 1.72% higher.
In other sector news:
(+) Oil futures prices remained at elevated levels after a drone attack on Saturday wiped out more than half of the daily oil production of Saudi Arabia, which is home to some of the largest oil reserves in the world. Oil majors ExxonMobil (XOM) and Chevron CVX) were up more than 3%, while ConocoPhilips (COP) was more than 7% higher, while Schlumberger (SLB) and Occidental Petroleum (OXY) was gaining more than 7%.
(+) Total (TOT) was climbing by 2% after saying it has teamed up with smart energy technology company Envision Group to develop on-site distributed generation solar projects for business-to-business customers in China.
Price: 75.00, Change: +2.37, Percent Change: +3.26
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