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MARKETS LIVE BLOG:

STOCKS ADVANCE WITH FED'S POWELL IN FOCUS

Powell: 'Premature' to conclude rate hikes over or 'speculate' when cuts could start

Why Chevron, Occidental Petroleum, and Devon Energy Rocketed Higher Today

Billy Duberstein, The Motley Fool
·4 min read
Why Chevron, Occidental Petroleum, and Devon Energy Rocketed Higher Today

Shares of large-cap oil and gas producers Chevron (NYSE: CVX), Occidental Petroleum (NYSE: OXY), and Devon Energy (NYSE: DVN) were in rally mode today, up 5%, 5.4%, and 7.9%, respectively, as of 11:24 a.m. ET. While many stocks were higher today, oil and gas stocks were particularly strong ahead of the upcoming OPEC+ meeting this week. Over the weekend, The Wall Street Journal reported OPEC+ participants would discuss production cuts at the upcoming meeting to offset falling prices, with the potential for a surprisingly large cut in the offing.

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