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Why Oil Stocks Are Bouncing Back Today

TheMotleyFool

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Why Oil Stocks Are Bouncing Back TodayPhoto, wide shot, wide-angle lens, Coal company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.midjourneyapi.xyz/temp/2a011bdc-adca-4de9-8457-d868b31178cf.png

Crude oil is bouncing back today following yesterday's historic crash. By 11 a.m. EDT, WTI, the U.S. oil benchmark, had rallied more than 6%, pushing its price above $33 a barrel.

That snapback, as well as a string of capital spending reduction announcements, helped boost most energy stocks today. Several rallied by more than 10% at one point in early-morning trading, including Ovintiv (NYSE: OVV), Cenovus Energy (NYSE: CVE), Pioneer Natural Resources (NYSE: PXD), Callon Petroleum (NYSE: CPE), and Marathon Oil (NYSE: MRO).