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The price of oil rebounded on Wednesday, with the U.S. benchmark West Texas intermediate (WTI) closing up more than 2%. That brought its price back above $50 a barrel, which is a key level for most producers.
That uptick in the crude oil market helped fuel a rally in most oil stocks. Several surged double digits at one point during the day, including Chesapeake Energy(NYSE: CHK), Denbury Resources(NYSE: DNR), Whiting Petroleum(NYSE: WLL), and Oasis Petroleum(NYSE: OAS).