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Energy stocks jump on higher crude prices, economy
By Steve Gelsi, MarketWatch
Last Update: 10:37 AM ET Nov 23, 2009
NEW YORK (MarketWatch) - Energy stocks jumped Monday as crude prices advanced, the broad market rose, and BJ Services helped lift the oil service sector with better-than-expected results.
The NYSE Arca Oil Index XOI rose 2.6% to 1,101. The NYSE Arca Natural Gas Index XNG jumped 2.8% to 510. The Philadelphia Oil Service Index $OSX jumped 3.2% to 195.
BJ Services BJS rose 2.5% to $19.17 after it reported a narrower-than-expected loss and said its merger with Baker Hughes BHI remains on track.
Eni SpA E jumped 3% to $51.72 on plans to buy oil fields in Uganda for $1.5 billion from the U.K.'s Heritage Oil.
Schlumberger SLB rose 3.8% to $65.76 after Credit Suisse upgraded the oil service giant to outperform from neutral.
Crude prices advanced $2.17 to $79.64 a barrel on a weaker dollar and jitters tied to Iran's nuclear program and possible plans by Nigeria to boost taxes on oil production.
In a positive sign for the economy, existing home sales jumped in the U.S.
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