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Energy Climbs As Omicron Fears Subside -- Energy Roundup

12/02/2021 | 04:24pm EST

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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