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Why ConocoPhillips, Cenovus Energy, and Marathon Oil Stocks All Popped Today

·2 min read
Why ConocoPhillips, Cenovus Energy, and Marathon Oil Stocks All Popped Today
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Shares of energy giant ConocoPhillips (NYSE: COP) jumped nearly 5% in early trading Tuesday, and remained up 3% as of 12:20 p.m. EDT. The Wall Street Journal is reporting that in Vienna, the OPEC group of oil-producing nations, plus the OPEC+ nations such as Russia that also produce oil, have just agreed to increase production. The OPEC+ increase in production -- about 450,000 extra barrels per day -- will begin next month.