RIG - Oil Stocks Jump on Monday: Here's Why
Oil stocks had a great day on Monday with some climbing over 10%. The big news came from OPEC+, which is reportedly considering cutting back oil supply by over 1 million barrels per day in what's being called a "historic cut." Nothing is confirmed yet, but that hasn't stopped investors from betting on potential winners.
Transocean (NYSE: RIG) jumped as much as 8.9%, Kosmos Energy (NYSE: KOS) rose 11.6%, and Tellurian (NYSEMKT: TELL) traded 10.8% higher. The stocks were up 8.1%, 8.1%, and 9.2% respectively at 3 p.m. ET.
OPEC+, which is the oil organization that sets production for partner countries and can drive prices higher or lower, is set to meet in Vienna, Austria, on Wednesday and it's being reported that a big cut in production is coming. Industry and media reports vary in production cut predictions, but they range from a 500,000-barrel-per-day cut to over 1 million barrels.
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Oil Stocks Jump on Monday: Here's Why