Why These High-Yielding Oil Stocks Are on Fire Today

Crude oil was on fire today. WTI, the leading U.S. oil price benchmark, rose as much at 12.5% by 2:45 p.m. EDT on Monday and closed above $32 a barrel. Meanwhile, the global oil benchmark price, Brent, rallied about 7.5%, closing around $35 a barrel.

That big uptick in oil prices fueled most oil stocks today. Several soared more than 10%, including many midstream companies, known more for paying high-yielding dividends. Among the notable movers in that group were Targa Resources (NYSE: TRGP), Antero Midstream (NYSE: AM), ONEOK (NYSE: OKE), Phillips 66 (NYSE: PSX), EnLink Midstream (NYSE: ENLC), and Western Midstream Partners (NYSE: WES). At the close, gains ranged from 7.5% for Phillips 66 to almost 16% for Targa Resources.