Why Marathon Oil Shares Are Surging Higher

Why Marathon Oil Shares Are Surging Higher

Marathon Oil Corporation MRO shares are trading higher by 7.35% to $24.23 Monday morning. Shares of several oil stocks are trading higher amid an increase in the price of oil as OPEC+ is rumored to be considering a ~1M barrel per day oil production cut.

What Happened?

Bloomberg reports that the OPEC+ group of oil producers will consider an oil output cut of more than 1 million barrels per day (bpd). 

According to the report, OPEC+ group is meeting in Vienna on Wednesday and finalize its decision. The 23-nation alliance had been conducting meetings online every month previously. 

If the alliance decides to trim its output when it meets in Vienna on Wednesday, it will be the second consecutive monthly reduction. OPEC+ had reduced its output by 100,000 barrels per day in September...Read More

See Also: Why Myovant Sciences Shares Are Skyrocketing Monday

According to data from Benzinga Pro, Marathon Oil Corporation has a 52-week high of $33.24 and a 52-week low of $13.45.

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