The energy sector rallied on Tuesday as Woodside Energy reported its first interim profit result since merging with BHP petroleum, which delivered investors a better-than-expected dividend.
Crude oil jumped to $US105 a barrel on Monday night as renewed conflict broke out in Libya interfering with its output, and a willingness by Saudi Arabia to consider production cuts. Brent crude hit $US105.09 a barrel for a gain of 4.1 per cent in the session and West Texas Intermediate $US97.01 a barrel, up 4.2 per cent.
By the afternoon, Brent crude futures for October were down 0.6 per cent to $US104.42 a barrel and West Texas Intermediate was down 0.3 per cent to $US96.76 a barrel.
Woodside Energy’s underlying interim profit jumped to $US1.82 billion ($2.6 billion), beating analyst forecasts, and its shares added 1.5 per cent to $35.87. Revenue rose to $US5.81 billion from $US2.5 billion in the year-earlier period. It will pay […]
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