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Why These 5 Oil Stocks Were Soaring Today

TheMotleyFool

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Why These 5 Oil Stocks Were 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

Oil prices surged more than 5% on the first trading day of 2021. As a result, WTI, the U.S. oil price benchmark, topped $50 a barrel for the first time since last February. Fueling the rally was an unexpected move by Saudi Arabia, which said it would cut 1 million barrels per day (BPD) from its production starting in February.

The rally in oil prices powered an even bigger rise in most oil stocks. Several had jumped more than 10% by 3 p.m. EST today, including Core Laboratories (NYSE: CLB), Centennial Resource Development (NASDAQ: CDEV), Marathon Oil (NYSE: MRO), Diamondback Energy (NASDAQ: FANG), and EOG Resources (NYSE: EOG).