Beach, Karoon lead energy rally as oil prices steady
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The news: Oil and gas companies Beach Energy and Karoon Energy were the top two performing stocks across the ASX 200 index as benchmark oil prices steadied.
The numbers: Beach (10.1%) and Karoon (5.1%) led gains by oil producers by 1:45pm AEDT, as Santos (0.2%), Ampol (0.2%) and Woodside Energy (0.1%) eked out more modest rises.
Energy, up 0.43%, was the second best performing sector as the ASX 200 retreated 0.17%.
Crude benchmarks Brent and West Texas Intermediate were flat at USD73.54 ($114.75) and USD70.26 per barrel respectively.
The context: Oil prices were bolstered after EU ambassadors agreed to a 15th package of sanctions on Russia, as US Treasury Secretary Janet Yellen said the Biden administration is continuing to look for ways to reduce Russia's oil revenue.
However, the move was offset by a weak demand outlook by the Organization of the Petroleum Exporting Countries (OPEC), as it cut its demand growth forecasts for 2025 for a fifth consecutive month.
The source: Reuters
