Oil stocks enjoy broad rally as crude prices jump, with Exxon Mobil at an 8-year high and Chevron at a record

The energy sector is on track to enjoy a unanimous rally Tuesday, as the European Union’s ban on Russian oil has sent crude oil futures surging. The SPDR Energy Select Sector ETF
XLE,
+1.00%

rallied 1.0% in premarket trading, with all 21 equity components gaining ground. The biggest gainer is Pioneer Natural Resources Co.’s stock
PXD,
+1.79%
,
which rallied 2.9% into record territory. Among the more active components, shares of Occidental Petroleum Corp.
OXY,
+2.23%

ran up 2.7% toward a 3 1/2-year high, Marathon Oil Corp.
MRO,
+4.09%

climbed 2.5% toward a 7 1/2-year high, Exxon Mobil Corp.
XOM,
+1.15%

gained 1.1% toward an eight-year high and Chevron Corp.
CVX,
+0.52%

advanced 0.8% toward a record high. Meanwhile, crude oil futures
CL00,
+1.53%

jumped 3.3% to a two-month high of $118.84, and futures
ES00,
-0.28%

for the S&P 500
SPX,
-0.29%

slipped 0.7%.

Source: https://www.marketwatch.com/story/oil-stocks-enjoy-broad-rally-as-crude-prices-jump-with-exxon-mobil-at-an-8-year-high-and-chevron-at-a-record-2022-05-31?siteid=yhoof2&yptr=yahoo