Energy stocks soar as oil prices jump on hope of OPEC deal

Published: Nov 30, 2016 7:36 a.m. ET

Shares of energy companies surged in premarket trade Wednesday, as hopes for an OPEC deal to cut production sent crude oil futures soaring. The SPDR Energy Select Sector ETF XLE, +3.97% ran up 3.4%, but it on course for a 16-month high. Among some of the sector heavyweights, shares of Exxon Mobil Corp. XOM, +1.82% rose 2.1%, of Chevron Corp. CVX, +1.97% gained 2%, of Transocean Ltd. RIG, +10.71% surged 6%, of Schlumberger Ltd. SLB, +2.94% shot up 3.2%, of Halliburton Co. HAL, +9.63% gained 4.2% of Kinder Morgan Inc. KMI, +3.55% rallied 3.7% and of Chesapeake Energy Corp. CHK, +7.46% ran up 6%. Crude oil futures CLF7, +7.21% rocketed 8% in early trade, amid reports OPEC was close to a deal to cut production by 1.4 million barrels a day, and that Russia was considering deeper cuts.