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Why Oil Stocks Are Soaring Today

TheMotleyFool

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Why Oil Stocks Are Soaring 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

The price of oil rebounded on Wednesday, with the U.S. benchmark West Texas intermediate (WTI) closing up more than 2%. That brought its price back above $50 a barrel, which is a key level for most producers.

That uptick in the crude oil market helped fuel a rally in most oil stocks. Several surged double digits at one point during the day, including Chesapeake Energy (NYSE: CHK), Denbury Resources (NYSE: DNR), Whiting Petroleum (NYSE: WLL), and Oasis Petroleum (NYSE: OAS).

Image source: Getty Images.

Source Fool.com

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