Why Oil Stocks Are Surging Today

The U.S. oil price benchmark, WTI, rallied nearly 4.5% today, closing above $58.50 a barrel. That rebound sent energy stocks soaring. 

Two factors fueled the rally in oil prices today. First, the U.S. Energy Information Administration published its weekly report on oil storage levels, which showed a decline of 4.9 million barrels. That was much higher than the 1.7-million-barrel drop that analysts expected and an improvement from the 1.6-million-barrel inventory build last week. The report suggests that demand came in above supplies, which would be a positive development for the currently oversupplied oil market.

Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US.

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