Why Transocean's Stock Surged 37% in June
Shares of Transocean (NYSE: RIG) rebounded 37.6% in June, according to data provided by S&P Global Market Intelligence. Fueling the offshore drilling stock's rebound was big news in the oil market last month.
Shares of most oil stocks, including Transocean, skyrocketed in early June, with its shares more than doubling at one point after OPEC extended its historic production reduction agreement through the end of July. That news helped push oil prices higher for the month, buoying Transocean's stock. While the company doesn't produce oil, it stands to benefit from higher oil prices since that would give its customers more confidence to drill new offshore oil wells.
Image source: Getty Images.
Source Fool.com
