Energy stocks jump following OPEC+’s unexpected production cut

The Yahoo Finance Live team reports on the jump in energy stocks amid a cut in oil production by OPEC+.

Video transcript

SEANA SMITH: First up, we got to talk about oil and some of the energy names. Now, OPEC+'s decision to slash production by more than a million barrels per day causing some headaches maybe for the Fed when it comes to its fight against inflation.

But undoubtedly good news, at least for now, for big oil. You're looking at gains across the board in some of these larger oil plays. Exxon, Occidental, also Chevron all trading to the upside. Exxon, the outperformer of the three. And Dave, we heard from a number of strategists, a number of analysts on the Street today revising some of their price targets for the end of the year higher on this news. Obviously, will likely push the price of crude, push the price of Brent to the upside at least in the near term.

DAVE BRIGGS: Yeah, it's a tough time as we head towards the summer and people start driving. Will we see 90? Will we see 95, as Goldman Sachs has predicted, our guest earlier in the program. We're not going to put a particular number on it, but you certainly have heard discussions about $100 barrel oil coming back into the conversation. Of course, what will we see at the pump? Today's prices pretty solid, averaging 3.51. They are up over the last week. Will we once again see $4 gas? That remains to be the question when we hit the summer months.