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Energy stocks gain as Brent crude touches new 2-year high www.ft.com
Energy stocks rose in Sydney on Monday as the price of oil looked set for a solid week in the face of growing risk in the international oil market.
The S&P/ASX 200 Energy index was 1.3 per cent higher on Monday with Santos up 2.5 per cent, while Beach Energy and Woodside Petroleum added 2.3 per cent and 1.8 per cent, respectively.
International benchmark Brent crude was at a fresh two-year high on Monday, up 0.4 per cent in Asia trading at $62.30 a barrel. West Texas Intermediate, the US marker, was up 0.4 per cent at $58.85.
ANZ analysts said in a research note that burgeoning supply-side issues “should see oil prices remain well supported this week”, with momentum building in the Middle East for an extension to the current production cut agreement, in addition to debt concerns in Venezuela and armed conflict in Nigeria.
Published Date:2017-11-06
