Oil Stocks Rise as Trump Prepares to Return to Presidency

Group 1 - U.S. oil company stocks experienced a rise, influenced by the potential return of former President Donald Trump, who is seen as a proponent of increased oil supply [1][2] - ExxonMobil shares increased by 2%, while Chevron shares rose approximately 3%. Smaller companies like Diamondback Energy, ConocoPhillips, and Halliburton also saw gains [2] - Trump has expressed intentions to boost oil production using emergency powers to facilitate new drilling, refinery construction, and other energy projects, promoting a "drill, baby, drill" approach [3] Group 2 - Crude futures initially fell but later recovered slightly, as expectations of increased supply contribute to an existing oil glut and a weak demand outlook, particularly due to China's slowing economy [4] - OPEC+ has extended output cuts for an additional month, yet these measures have not successfully halted the decline in oil prices this year, with major producers like the U.S. and Canada not part of the agreement [5]