US energy stocks gain as oil tops $100 on supply fears
USO•US energy stocks rose as oil prices topped $100 a barrel, with Brent up 2.9% to $109.02 and WTI up 2.6% to $100.52. The gains came amid uncertainty over Middle East supplies and investor assessment of Russian diesel supply.
1. Energy shares rise
The S&P 500 energy index gained 1.8% as oil prices climbed. ExxonMobil rose 1.9% and Chevron gained 2.2%, while EOG Resources, Diamondback Energy, ConocoPhillips and EQT rose between 3.3% and 3.7%. Baker Hughes and SLB gained 2.5% and 2.6%, respectively, and Phillips 66 rose 1.4%.
2. Oil tops $100
Brent crude futures rose 2.9% to $109.02 a barrel after reaching their highest level since September 14. US West Texas Intermediate rose 2.6% to $100.52, crossing $100 for the first time since September 21. Prices gained more than 3% and were heading for weekly gains as investors assessed uncertainty over Middle East supplies and how much diesel Russia could supply to global markets.
