Crude oil prices picked up where they left off last week, rallying again on Monday. By 11:30 a.m. EST, the U.S. oil price benchmark, WTI, was up nearly 2% to more than $57 a barrel. That uptick sent several energy stocks soaring. Leading the way were Noble Corporation (NYSE: NE), U.S. Silica (NYSE: SLCA), Centennial Resource Development (NASDAQ: CDEV), Whiting Petroleum (NYSE: WLL), and Extraction Oil & Gas (NASDAQ: XOG). All were up double digits by midmorning.
Oil prices approached a six-week high on Monday as investors have started growing a bit more optimistic about the sector's prospects. Fueling today's bullishness was rising hope that the U.S. and China will resolve their trade dispute, which has been weighing on oil demand. In addition to that, Saudi Arabia continues to make progress on the initial public offering of its national oil company, suggesting that investors are warming up to the idea of buying shares.
Image source: Getty Images.
Continue reading
Source: Motley Fool
(November 4, 2019 - 3:21 PM EST)
News by QuoteMedia
www.quotemedia.com
