Why Oil Stocks Are In Rally Mode Today
Oil prices bounced higher on Wednesday. WTI, the main U.S. benchmark price, was up 4.5%, closing back above $80 a barrel after a recent dip into the $70s.
That rebound in oil prices fueled a rally in oil stocks. Notable names on the upswing today were Chevron (NYSE: CVX), Devon Energy (NYSE: DVN), Phillips 66 (NYSE: PSX), and Energy Transfer (NYSE: ET). Here's a look at what's fueling the oil market's rebound and how it impacts these companies.
Oil prices are getting a boost today from government data and Hurricane Ian. The Energy Information Administration (EIA) reported its weekly inventory data showing a 200,000-barrel build in oil stockpiles. That's half what analysts expected and well below the more than 1.1 million-barrel inventory increase last week. It suggests that demand remains healthy.
Source Fool.com
