Oil prices rose more than 4% by 2:45 p.m. EDT on Friday, which helped fuel oil stocks again. Most followed crude prices higher, with several rallying double digits, thanks in part to some additional catalysts. Leading the charge were Core Laboratories (NYSE: CLB), PBF Energy (NYSE: PBF), Gulfport Energy (NASDAQ: GPOR), Patterson-UTI Energy (NASDAQ: PTEN), and Murphy Oil (NYSE: MUR).
Oil prices finished a big week as today's rally pushed the U.S. oil benchmark WTI up 25% to close around $25 a barrel. One of the main factors fueling oil prices is that producers have taken significant steps to reduce their output. Oil companies have cut the number of drilling rigs operating in the country by 57% since mid-March, which, along with production cuts, should ease some of the pressure excess supply has put on oil prices.
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Source: Motley Fool
(May 8, 2020 - 5:11 PM EDT)
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