COM - Oil prices energy names climb as OPEC+ expected to extend cuts

The S&P 500 energy sector ([[XLE]] +4.3%) is today's top performer, rebounding from Monday's 5.4% thud which followed a one-third increase in November through the 27th.Today's strength is backed by higher oil prices, with January WTI crude (CL1:COM) +2.3% to $45.60/bbl, the EIA's weekly inventory report that showed a 700K-barrel drawdown in oil stockpiles, and lingering optimism about a pickup in end demand in 2021 as the arrival of COVID vaccines helps global economies rebound.Four of today's top five gainers on the S&P 500 are oil and gas producers: [[APA]] +8.6%, [[HFC]] +8.5%, [[DVN]] +8.1%, [[OXY]] +8.1%.Other notable outperformers include [[MRO]] +7.1%, [[VLO]] +5.6%, [[PSX]] +4.6%, [[XOM]] +4.4%, [[CVX]] +4.3%.Word filtering out of OPEC+ talks indicate some headway toward a deal on oil production cuts after previously postponing an official meeting to discuss cuts.The "vibe appears to be a lot more diplomatic and delegates say that they are positive consensus

For further details see:

Oil prices, energy names climb as OPEC+ expected to extend cuts