Surging Oil Prices Are Sending These Oil Stocks Swinging Wildly Today

Crude oil prices are on the move again today. West Texas Intermediate futures are up 24%, while Brent is up 6.6%. This has investors rushing back into oil-field services stocks, with W&T Offshore (NYSE: WTI), Halliburton (NYSE: HAL) and Baker Hughes (NYSE: BKR) all posting double-digit gains in early trading on Wednesday, while Core Laboratories (NYSE: CLB) jumped almost 9%. 

Image source: Getty Images.

Today's surge is another case of traders chasing oil stocks higher on the upward momentum of crude oil prices. Year to date, this group of stocks has fallen between 50% and 67% as the oil industry has imploded. Investors are looking for any sign that the prospects for these companies are going to improve, while momentum traders are looking to earn some gains simply by buying stocks that often follow oil prices. These oil-field service stocks have certainly traded with crude prices so far this year (note the dark blue line representing Brent crude spot prices):

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