Oil stocks fired up Wednesday, with shares of some of the largest upstream oil companies clocking solid  gains through the day after a weak start to the week. Notable oil stocks that jumped today include ExxonMobil (NYSE: XOM), Occidental Petroleum (NYSE: OXY), and Devon Energy (NYSE: DVN). As of 1 p.m. ET Wednesday, while ExxonMobil and Occidental were each trading 3.2% higher, Devon Energy stock had shot up 5.7%. 

Despite a hot inflation report that's renewed fears of a recession, investors are betting on oil stocks on the dip on the back of certain industry developments.

West Texas Intermediate (WTI) crude oil, the U.S. oil price benchmark, rebounded more than 3% today and crossed $89 per barrel this morning to hit its highest level so far in September.

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Source Fool.com