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Why Oil Drilling Stocks Are Gushing Higher Today

TheMotleyFool

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Why Oil Drilling Stocks Are Gushing Higher TodayPhoto, wide shot, wide-angle lens, Gas company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/01083d82-021d-4573-8c40-0e836a0771d6.png

A lot of oil stocks are surging today, with one category -- oil drillers -- seeing some of the biggest gains. As of 1:56 p.m. EDT on Friday, the SPDR S&P 500 ETF Trust (NYSEMKT: SPY) was up 2.8%, but companies involved in both offshore and on-land oil and gas drilling were rocketing much higher:

*As of 1:56 p.m. EDT. Source: YCharts.

Two things are sending many oil stocks higher today. First, the entire market is on a big run higher on positive jobs news. U.S. employers added 2.5 million jobs to their payrolls in May, a signal that the economy could recover quickly from the coronavirus lockdown recession, which would boost demand for oil that has fallen more than 20% over the past three months.

Source Fool.com

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