- ACTIVE STOCK TRADERS: Get full access to Jim Cramer's thoughts for less than $3/week - sometimes before he says them on TV! Start with a 14-Day Free Trial.
CNOOC paid almost five times more than needed for one block, while Chevron, ExxonMobil and Total also coughed up for currently unprofitable deepwater reserves.
A production cut pushes beleaguered producers and services firms higher.
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.