Oil and Gas Stock Roundup: Oil, Strong Earnings Sent Stocks Soaring
Crude continued marching higher this week, thanks to growing optimism that the oil market is quickly getting back into balance and should stay that way since OPEC seems increasingly likely to extend its production cuts. Those dual fuels pushed the U.S. oil benchmark, WTI, up about 2% on the week to slightly more than $55 a barrel, which is its highest level in more than two years.
However, higher crude was just one of the catalysts that sent oil stocks soaring this week. The other was a gusher of third-quarter earnings reports from oil companies, the bulk of which beat the market's muted expectations. That sent several oil stocks up more than 10% for the week, according to data from S&P Global Market Intelligence.
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Source: Fool.com
