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The U.S. oil price benchmark WTI is bouncing back a bit today after crashing to an 18-year low of around $20 a barrel yesterday. That's helping fuel a rally in most energy stocks. Shares of several U.S. producers jumped more than 10% by noon EDT on Tuesday, including Devon Energy(NYSE: DVN), Parsley Energy(NYSE: PE), Diamondback Energy(NASDAQ: FANG), and Apache(NYSE: APA).
One reason WTI is higher today is that U.S. producers are contemplating a coordinated effort to reduce their output in the near term to help combat the demand destruction caused by the COVID-19 outbreak.