YGRN - Crude oil Big Oil names surge as OPEC weighs production increase

WTI crude oil rockets past $75/bbl for the first time since October 2018 after media reports indicate that Saudi Arabia and Russia have reached a tentative deal to gradually raise production.According to Reuters, the OPEC+ group is weighing a plan that would ease production curbs enough to add ~2M bbl/day to the market between August and December, with monthly increases amounting to less than 500K bbl/day.A final decision is expected at a meeting of OPEC+ ministers later today, following meetings of OPEC ministers and the Joint Ministerial Monitoring Committee.August WTI (CL1:COM) +3.4% to $75.99/bbl, after surging more than 50% during the first six months of the year, while September Brent (CO1:COM) +2.7% to $76.64/bbl.ETFs: [[XLE]], [[USO]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]]Big oil names are indicated higher in pre-market action: [[XOM]] +1.9%, [[CVX]] +2.2%, [[COP]] +2.9%, [[BP]] +2.6%, [[RDS.A]] +2.2%.

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Crude oil, Big Oil names surge as OPEC weighs production increase