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Surging Crude Prices Send Oil Stocks Soaring Today

TheMotleyFool

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Surging Crude Prices Send Oil Stocks Soaring Today

Oil prices started this week with a bang. WTI, the primary U.S. oil price benchmark, had rallied more than 10% by 10:30 a.m. EDT on Monday, to around $32.50 a barrel, while Brent, the global oil price benchmark, jumped more than 7% to nearly $35 a barrel.

The surge in crude prices buoyed most oil stocks. Several rallied by double-digit percentages in early morning trading today, including Apache (NYSE: APA), Callon Petroleum (NYSE: CPE), and Cenovus Energy (NYSE: CVE). Meanwhile, even oil giant ExxonMobil (NYSE: XOM) was in rally mode as its shares surged 5% by midmorning, adding about $10 billion to its market capitalization.