Energy Climbs As Omicron Fears Subside -- Energy Roundup

12/02/2021 | 04:24pm

Shares of energy companies rallied as Omicron fears subsided somewhat.

Oil futures rose modestly after the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, agreed to increase monthly overall production by 400,000 barrels per day in January, contrary to expectations for a cut.

Strategists at brokerage JPMorgan Chase said early indications suggested the Omicron variant was more contagious but less deadly than previous strains, a potentially positive development for global economic activity.

Bidders for the bankrupt Limetree Bay oil refinery in the U.S. Virgin Islands are challenging the $33 million leading offer for the facility, saying their competing proposal to dismantle it is better for the local population.

Natural-gas futures fell as unseasonably warm weather persisted in much of the U.S.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

12-02-21 1623ET

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