BUZZ-Energy stocks fall on possible OPEC+ oil output hike

Reuters
31 May
BUZZ-Energy stocks fall on possible OPEC+ oil output hike

** S&P 500 energy index .SPNY down 1.2%, tracking a fall in oil prices O/R

** Brent crude futures LCOc1 down 1.3% at $62.68/barrel; U.S. West Texas Intermediate crude futures CLc1 down 0.5% at $60.64/barrel

** Oil prices fell on expectations that OPEC+ will decide on Saturday to boost oil output for July beyond previous forecasts

** Prices dipped into negative territory after Reuters reported that OPEC+ may discuss an increase in oil output for July larger than the 411,000 barrels per day rise that the group decided on for May and June

** Top oil and gas majors Exxon Mobil XOM.N down ~1%, and Chevron CVX.N down 1.2%

** Devon Energy DVN.N, Diamondback Energy FANG.O, Halliburton HAL.N and Texas Pacific Land Corp TPL.N down between 2.2% and 5.5%; among the top percentage losers on the energy index

** Oilfield services companies Baker Hughes BKR.O and SLB SLB.N fall 1.5% and 1.7%, respectively

** Refiner HF Sinclair DINO.N and PBF Energy PBF.N down 1% and 2.1%, respectively

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com))

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