OMV, which currently owns a 36 percent stake in Borealis, will acquire an additional 39 percent from Mubadala. The transaction value amounts to $4.68 billion and represents the biggest acquisition in OMV’s history and the largest transaction ever for Mubadala.

Brent was trading up 65 cents, or 2.4%, at $27.80 a barrel, WTI rose to a high of $25.24 a barrel

The Senate will vote on the $2-trillion package

The pan-European STOXX 600 index was up 4.2%, with energy .SXEP, autos .SXAP, insurers .SXIP and financials .SXFP jumping between 5.4% and 6.7%.

European gas stock levels for both January and February 2020 were the highest ever recorded for those months.

Significant volumes of Russian gas currently are transited to Germany via Poland, which are a key revenue generator for the country.

State-owned oil and gas major Gazprom announced on February 20 it is looking to produce hydrogen from natural gas.

CNOOC total net profit rising significantly to RMB61.05 billion, an increase of 15.9% YoY, despite more than 10% drop in international oil prices.

Santos notes the announcement from S&P Global Ratings (S&P) reaffirming Santos’ BBB- credit rating with stable outlook.

Brent was up by $1.38 a barrel, or 5.1%, to $28.41, WTI gained $1.54, or 6.6%, to $24.90.