Why ConocoPhillips Stock Soared Today (It Wasn't Just Oil Prices)
ConocoPhillips (NYSE: COP) stock soared today, up 4.8% as of 2:30 p.m. EDT. That also makes Wednesday the oil stock's best day so far this month -- it was down 10.6% through July 20 before reversing course today. A bullish analyst rating on a day oil prices inched higher was enough to send ConocoPhillips stock soaring.
Energy stocks sank earlier this week when crude oil prices hit the wall after OPEC reached an agreement with allies to increase oil production. The prospects of higher oil supply coupled with a potential decline in demand if coronavirus cases rise sparked fears among investors in oil stocks, including ConocoPhillips.
Oil prices, however, have regained some of the lost ground in the past couple of days, and WTI and Brent crude were up more than 4% each today as of 2:40 p.m. EDT. Not surprisingly, energy stocks -- particularly upstream oil and gas stocks like ConocoPhillips -- were on fire today.
Source Fool.com
