Shares of energy companies rallied after reports that the OPEC+ cartel was considering a major production cut and as a U.K. budget crisis subsided.
Cartel members could cut aggregate production by more than one million barrels of oil per day when they meet later in the week, according to reports. Oil futures rose by 5% to top $83 a barrel in the wake of the reports.
Natural-gas futures continued a recent retreat, as traders revised estimates for winter shortages in Europe.
Exploration and production company Murphy Oil shares jumped after it backed a prior projection for production in the third quarter and fiscal 2022.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-03-22 1630ET
