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Drilling stocks are rising as oil leaps on hopes of an OPEC deal

Energy stocks led U.S. markets higher Wednesday as oil prices surged on hopes that a deal from OPEC may cut back production.

Oil drilling stocks, or those focused on exploration and production, were the best performers in the sector. Oklahoma City-based Devon Energy leaped more than 13.5 percent in morning trade, while Marathon Oil and Transocean climbed more than 10.5 percent, and Diamond Offshore Drilling rose 9 percent.

Shares of Helmerich & Payne were about 5 percent higher.

"At this point, if this (OPEC deal) is true, this is definitely a bullish perspective for all oil stocks, especially upstream," the exploration and production companies, said Luana Siegfried, energy equity research associate at Raymond James.

Reports indicated that OPEC struck a deal in Vienna...


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