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Energy Rallies On Stimulus, OPEC Hopes -- Energy Roundup

12/02/2020 | 04:21pm EST

Shares of energy companies rallied amid renewed hope for coronavirus stimulus and production-cap extensions.

Democratic congressional leaders said the recently floated bipartisan plan for a $908 billion stimulus bill would be the starting point for negotiations between the two parties.

Representatives of OPEC+, the alliance of oil producing nations led by Saudi Arabia and Russia, are set to meet again Thursday after failing to reach a deal on production targets Monday.

The odds that the producers target a one-million-barrels-per-day production hike in January and a further one million increase in June is 60%, estimated Kathleen Kelley, head of investment advisory Queensgate Capital, as reported earlier.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

12-02-20 1620ET

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.27% 56.2 Delayed Quote.7.08%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.81% 75.54191 Delayed Quote.1.94%
WTI 0.21% 52.845 Delayed Quote.8.49%
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