COM - Crude oil rebounds after OPEC maintains its plan lifting energy stocks

Energy (XLE +1.3%) takes the lead on today's S&P sector leaderboard, supported by a big bounce in crude oil after dropped yesterday to the lowest price since October. December WTI crude (CL1:COM) settled +3.1% at $81.27/bbl, and January Brent (CO1:COM) closed +2.7% to $82.74/bbl. ETFs: USO, UCO, SCO, BNO, DBO, USL, USOI Among the sector's top gainers today: EOG +4.6%, MPC +3.5%, MRO +3%, COP +2.9%, DVN +2.9%, APA +2.8%. OPEC's decision to stick with its plan to raise oil output by 400K bbl/day from December and the Biden administration's lack of a substantial response has the oil rally continuing, Mizuho's Bob Yawger tells Reuters. The possibility of releasing oil from the U.S. strategic oil reserves means little to a market that knows such a move "can only have a temporary bearish effect on prompt prices and is not a lasting solution for an imbalance between supply and demand," Rystad Energy head

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Crude oil rebounds after OPEC maintains its plan, lifting energy stocks