CLR - Why Continental Resources Stock Rebounded 32% in June
Shares of Continental Resources (NYSE: CLR) jumped 32.5% in May, according to data provided by S&P Global Market Intelligence. Several factors fueled that rally, including the continued rebound in the oil market, which enabled the oil producer to start turning some of its wells back on line.
Oil prices continued climbing back last month, with WTI, the main U.S. oil price benchmark, rallying another 10% to around $40 a barrel. That higher oil price pushed most oil stocks upward last month, including Continental. One factor driving the oil market rebound was an extension of OPEC's historic market support agreement, which will keep the initial supply reduction rate in effect through the end of July.
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