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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, neutral atmosphere, photo by Galina Stepanova: https://img.theapi.app/temp/0e838f13-fa33-4583-92e9-bf3375dacf70.png

The price of crude oil jumped more than 3.5% on Friday due to several catalysts. This uptick fueled a big rally among energy stocks. Leading the way were Apache (NYSE: APA), Chesapeake Energy (NYSE: CHK), Diamond Offshore Drilling (NYSE: DO), and Valaris (NYSE: VAL), which all soared double digits by 3 p.m. EDT.

Oil prices bounced back on Friday thanks to strong U.S. jobs data, a decline in the U.S. rig count, and optimism surrounding U.S-China trade talks. Those higher prices can directly benefit producers like Apache and Chesapeake since they make money based on the price at which they sell oil and gas. As such, it's no surprise to see their shares surge along with crude oil today.

Image source: Getty Images.

Source Fool.com

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