EOG - Why These 5 Oil Stocks Were Soaring Today
Oil prices surged more than 5% on the first trading day of 2021. As a result, WTI, the U.S. oil price benchmark, topped $50 a barrel for the first time since last February. Fueling the rally was an unexpected move by Saudi Arabia, which said it would cut 1 million barrels per day (BPD) from its production starting in February.
The rally in oil prices powered an even bigger rise in most oil stocks . Several had jumped more than 10% by 3 p.m. EST today, including Core Laboratories (NYSE: CLB) , Centennial Resource Development (NASDAQ: CDEV) , Marathon Oil (NYSE: MRO) , Diamondback Energy (NASDAQ: FANG) , and EOG Resources (NYSE: EOG) .
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Why These 5 Oil Stocks Were Soaring Today