WPX - Why U.S. Oil Stocks Are Going Ballistic Today
Drone attacks struck a blow to the heart of Saudi Arabia's oil infrastructure over the weekend. The damaging hit to the world's largest oil processing facility and a major oil field caused the country to temporarily shut down half of its daily crude oil production. It's the largest disruption to ever hit the oil market at more than 5% of the total global supply.
The incident is causing crude oil prices to soar, with the U.S. oil benchmark rocketing $5 a barrel -- or nearly 10% -- by 9:45 a.m. EDT on Monday, pushing it above $60 a barrel. That surge in oil prices is fueling a massive rally across the energy market. Several U.S. oil stocks are soaring today. Among the notable names making big moves are Chesapeake Energy (NYSE: CHK), Devon Energy (NYSE: DVN), Marathon Oil (NYSE: MRO), WPX Energy (NYSE: WPX), and Whiting Petroleum (NYSE: WLL).
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