Oil stocks in broad rally as crude futures surge after EU proposes Russian oil ban

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Shares of oil and gas companies were broadly higher ahead of Wednesday's open, as the European Union's proposal to ban Russian oil sent crude oil futures surging. The SPDR Energy Select Sector ETF XLE, +1.10% gained 1.7% premarket, with all 21 of its equity components gaining ground. Chevron Corp.'s stock CVX, +0.96% jumped 1.5%, enough to make it the biggest premarket gainer among Dow Jones Industrial Average DJIA, +0.27% components. Among other more-active energy ETF members, shares of Marathon Oil Corp. MRO, +0.76% climbed 2.9%, Exxon Mobil Corp. XOM, +1.60% rose 1.7%, Occidental Petroleum Corp. OXY, +0.59% tacked on 2.2% and Devon Energy Corp. DVN, +0.33% advanced 2.2%. Meanwhile, crude oil futures CL00, +3.93% rallied 4.2%

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