Why Oil Stocks Are Soaring Today

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.

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Source: Motley Fool
(February 5, 2020 - 4:28 PM EST)

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