Oil prices bounced back on Wednesday. The U.S. oil benchmark, WTI, surged more than 4% to around $55 a barrel, which reversed yesterday's 2.1% slide, and then some.
This rally fueled a rebound in most energy stocks. Leading the way was Whiting Petroleum (NYSE: WLL), Antero Resources (NYSE: AR), and Nabors Industries (NYSE: NBR), which were all up more than 10% by 2:30 p.m. EDT.
Fueling today's rally in the oil market was growing geopolitical optimism and forecasts that U.S. oil inventory levels will continue falling. Most analysts expect that the U.S. Government will report a 3 million barrel decline in crude oil storage levels this week. That would mark the third straight drop, which would imply that demand growth remains healthy.
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Source: Motley Fool
(September 4, 2019 - 4:09 PM EDT)
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