XOP - Energy shares surge Brent crude near $70 after upbeat demand outlook

Energy shares start with gains as crude oil futures jump, helped by an upbeat outlook for energy demand and data showing a drop in U.S. crude inventories.June WTI crude (CL1:COM) +1.8% to $66.45/bbl, while July Brent (CO1:COM) +1.7% to $69.73/bbl.ETFs: [[USO]], [[XLE]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]], [[UGA]]Oil and gas producers comprise four of the top five early gainers on the S&P 500: [[OXY]] +6.4%, [[FANG]] +6.2%, [[XEC]] +5.7%, [[APA]] +5%.The International Energy Agency, in its latest monthly report, said the record oil glut built up last year due to the pandemic has nearly returned to normal levels.The IEA cut its full-year forecast for demand growth, reflecting weak H1 demand while its outlook for H2 remained unchanged.A combination of geopolitical risks and "the expectation that the economy and demand will recover rapidly have once again allowed Brent to climb" to nearly $70/bbl, Commerzbank's Eugen Weinberg says, according

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Energy shares surge, Brent crude near $70 after upbeat demand outlook