U.S. oil company stocks rose Wednesday, with former President Donald Trump, viewed as a big backer of increased oil supply, set to return to the White House.

ExxonMobil (XOM) shares climbed 2%, while those of rival Chevron (CVX) gained around 3%.  Shares of smaller oil companies including Diamondback Energy (FANG), ConocoPhillips (COP) and Halliburton () also rose.

Trump is viewed as a supporter of increased oil supply from Ameri🍃can producers and higher tariffs, both likely benefiting domestic players.

Trump has talked of plans to 澳洲幸运5开奖号码历史查询:increase oil production, saying he would use emergency powers to push through new oil drilling, refinery construction, new power plants and other projects to increase output. Trump has repeatedly promised to “drill, baby, drill” for more domestic energy.

Crude Futures Rebound From Early Loss🌊es on Expectat෴ions of Increased Supply

Crude futures fell before paring back losses early Wednesday as the prospects of increased supply weigh on an existing glut in oil and a 澳洲幸运5开奖号码历史查询:weak outlook for demand, especially given Ch𝔍ina's slowing economy.

The Organization of the P🔯etroleum ✱Exporting Countries and its allies (OPEC+) like Russia 澳洲幸运5开奖号码历史查询:extended their output cuts by one month this week, but their attempts to trim supply have failed to stem a slide in oil prices th𓃲is year. Major oil producers like the U.S. and Canada are outside the grouping.