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US stocks move unexpectedly | Oil and gas stocks rise across the board in pre-market trading Occidental Petroleum(OXY.US) up over 6%
Tongtong Finance APP learned that on Monday, oil and gas stocks generally rose before the market opened. As of the time of writing, Occidental Petroleum (OXY.US) rose over 6%, ConocoPhillips (COP.US) and ExxonMobil (XOM.US) increased more than 4%, and Schlumberger (SLB.US) gained 3%. The news is that the escalation of conflicts in the Middle East has led to a significant rise in oil prices, with Brent crude oil prices soaring by as much as 13% during trading to over $82 per barrel. Occidental Petroleum, as a major U.S. oil producer, directly benefits. The company owns leading oil and gas assets in the Permian Basin in the U.S. and the Middle East, and the surge in oil prices greatly improves its exploration and production profitability outlook.