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Why Oil Stocks Are Surprisingly Rallying Today

TheMotleyFool

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Why Oil Stocks Are Surprisingly Rallying Today: https://g.foolcdn.com/editorial/images/705436/oil-pumps-with-a-price-chart-in-the-background.jpg

Oil prices are rising today. West Texas Intermediate, the leading U.S. oil price benchmark, closed up 3% to top $85 a barrel. Meanwhile, the global oil benchmark, Brent, rose over 2% to close above $90 a barrel. That broke a three-day losing streak for crude prices. The rally is a bit of a surprise since it comes on the news that more supply is about to enter the market.

That rebound fueled a rally in oil stocks. Several notable names moved higher on the day, including Chevron (NYSE: CVX), Transocean (NYSE: RIG), and Core Laboratories (NYSE: CLB).

Here's a closer look at why today's oil market rally is a bit of a surprise.

Source Fool.com

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