Energy Shares Advance as Crude Prices Climb; Occidental Leads Gains
Stock News
May 15
Oil and gas equities moved broadly higher on Friday. Occidental Petroleum (OXY.US) rose 3%, while ConocoPhillips (COP.US) gained over 2%. Chevron (CVX.US) and Imperial Oil (IMO.US) each advanced more than 1%. The rally coincided with a nearly 3% increase in the front-month Brent crude futures contract. Market sentiment was influenced by reports that the United States has rejected a written "14-point" proposal from Iran aimed at ending the ongoing conflict. According to the reports, the U.S. government has responded to the proposal, turning down Tehran's plan and "reiterating its tough stance," particularly on nuclear issues.
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