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Why Oil Stocks Are Bouncing Back Today

TheMotleyFool

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The U.S. oil price benchmark WTI is bouncing back a bit today after crashing to an 18-year low of around $20 a barrel yesterday. That's helping fuel a rally in most energy stocks. Shares of several U.S. producers jumped more than 10% by noon EDT on Tuesday, including Devon Energy (NYSE: DVN), Parsley Energy (NYSE: PE), Diamondback Energy (NASDAQ: FANG), and Apache (NYSE: APA).

One reason WTI is higher today is that U.S. producers are contemplating a coordinated effort to reduce their output in the near term to help combat the demand destruction caused by the COVID-19 outbreak.

Image source: Getty Images.

Source Fool.com

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