Oil and Gas Stock Roundup: Earnings and Oil Once Again Proved to Be a Powerful Combination
Last week, a combination of rising oil prices and expectation-beating third-quarter results sent several oil stocks skyward. Those two trends continued this week. In fact, the U.S. oil benchmark, WTI, notched its highest dollar basis gain in almost a year on Monday, spiking more than $2 a barrel after a Saudi shakeup. While crude came down a bit from that high, it still ended the week up more than 2%, closing around $57 a barrel, which marked a nearly two-year high.
In addition to that, several energy companies reported expectation-crushing third-quarter results this week. Those reports, when combined with higher oil prices, proved to be a powerful combination. Three oil stocks in particular stood out after gaining more than 35% this week, according to data from S&P Global Market Intelligence.
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Source: Fool.com
