3 Undervalued Energy Stocks To Consider As Oil Prices Recover [Forbes]
Magellan Midstream Partners L.P. Limited Partnership (MMP)
Last magellan midstream partners l.p. limited partnership earnings: 5/1 08:00 am
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Source: Forbes
In the hopes that OPEC and its allying countries will reach a production cut agreement when they meet virtually next Monday, oil prices surged higher on Friday, April 3.Although the exact details of the potential cut are not clear, on Thursday, President Trump announced he urged both Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to reduce oil production by 10 million to 15 million barrels, which represent roughly 10% of the global supply.U.S. West Texas Intermediate Crude jumped 7% to trade at $27.08 per barrel on Friday. The commodity has gained more than 20% for the week and is on track to end a five-week losing streak that was initiated by a price war between Saudi Arabia and Russia in early March.International benchmark Brent crude soared 11.6% to trade at $33.40 per barrel.Since oil producers and other companies in the energy industry have been beaten down in recent weeks as a result of the price war, some of them may present good value opportunities
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