@Zalotie 1 month ago
US oil stocks rally on Venezuela news
US oil stocks rally on Venezuela news
US oil stocks jumped Monday after Trump pledged to rebuild Venezuela's energy sector following the capture of Maduro. Chevron led the pack, rising over 6% since they're the only US major currently operating there.
Service companies like Halliburton, SLB, and Baker Hughes also saw gains around 5%. ConocoPhillips and Exxon rose as well - they are owed billions from past asset seizures. On the flip side, Canadian oil sands stocks fell because Venezuelan heavy crude competes directly with their product.
Analysts noted that actually fixing the infrastructure will be expensive, potentially costing upwards of $100 billion and taking years to complete.
finance.yahoo.com
| Chevron, US Oil Stocks Rally as Trump Vows Venezuela Revival
@IsabelLynn 1 month ago
hope Exxon and ConocoPhillips finally get what they're owed after all these years. such a massive shift for the global energy market.