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WTI is up almost 2.4%, while Brent climbed 2.3% as faith grows in OPEC's promised cuts after Kuwait and Oman signaled reduced output.
I am confident that the bottom is in and that downside is limited.
Brent Crude hit its highest mark since October as OPEC delegates claimed progress at informal talks and analysts said the case for a production cut had strengthened.
The Spanish oil producer's results benefited from increased production and deeper than expected cost cutting but failed to move its shares.
Forget about the weak S&P performance, the latest rate hike decision and the presidential election for a moment -- some big stocks are actually breaking out this week.
Shell (RDS.B) posted an earnings surprise for the 2016 third quarter before Tuesday's opening bell.
Third-quarter net profit smashes forecasts as higher output pushes the upstream unit unexpectedly into the black.
More insight on the impact of Brexit will come with the Bank of England's inflation report, which will likely be accompanied by news of status quo on rates.
Iran's plan to increase output by about 200,000 barrels this year changes the math on Saudi Arabia's plan to cut OPEC production.
The two oil majors may be able to maintain their dividends.
As the energy patch rebounds, we explore the pros and cons of each of these exploration and production behemoths.
Leading European oil groups gained more than 5% on Thursday after OPEC's surprise output cut plan. But analysts are unsure the agreement amounts to much.