Benzinga | Oct 1, 2021 02:02PM EDT

Why Marathon Oil Shares Are Rising

Shares of several oil & gas companies, including Marathon Oil Corporation (NYSE:MRO), are trading higher Friday as oil prices rise on OPEC+ supply curbs.

Oil prices saw strength earlier in the week amid supply concerns from the impact of Hurricane Ida. Goldman Sachs lifted its Brent price target to $90 per barrel.

Marathon is an independent exploration and production company primarily focusing on unconventional resources in the United States. At the end of 2020, the company reported net proved reserves of 972 million barrels of oil equivalent.

Marathon Oil has a 52-week high of $14.33 and a 52-week low of $3.73.