Shares of Occidental Petroleum OXY.N and Citigroup C.N rose 1.5% and 0.8%, respectively, in premarket trading, leading gains among major oil and banking companies. The data comes after minutes from the Federal Reserve's December meeting signaled the central bank may have to raise interest rates sooner than expected amid a "very tight" job market and unabated inflation. The hawkish tone spurred a rally in U.S. Treasury yields while prompting investors to swap technology-heavy growth shares with more cyclical parts of the market such as energy, financials and industrials that tend to do better in a high interest-rate environment.