May 7, 2018 / 1:53 PM / a year ago

BUZZ-Oil stocks gain as oil prices surge on supply woes

** Oil stocks up after oil prices receive push from Venezuela’s economic crisis and a pending decision on whether U.S. will re-impose sanctions on Iran

** S&P energy index up 1.7 pct and on track for 2nd straight day of gains; top gainer among S&P 500 sectors

** All SPNY stocks in green and top pct gainers are Cimarex Energy, Marathon Oil, Range Resources and Devon Energy

** Exxon and Chevron amongst the top pct gainer on Dow Jones

** Morgan Stanley remains bullish on energy with support from oil prices; brokerage expects to see upside but with higher risks

** Top picks of MS include Encana Corp, Marathon Petroleum, Williams Cos

** Brent crude up ~1 pct to $75.60 per barrel, U.S. crude up 0.9 pct at $70.31 per barrel

** U.S. crude breaches the $70 psychological barrier for the first time since Nov 2014; both U.S. crude and Brent crude set to see four straight days of gains

** The graphic below shows the relation of U.S. crude prices vs. The S&P energy index over the past 4 years (prices rebased to zero)

Reporting by Anirban Paul

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