Energy stocks sustain gains for third straight session as WTI jumps

  • Energy stocks extend their three-day rally, as a dive in the U.S. dollar sparks both West Texas and Brent crude oil to five-month highs; WTI +1.5% to $64/bbl, Brent +0.8% to $70.93/bbl.
  • "OPEC's ongoing supply cuts and U.S. sanctions on Iran and Venezuela have been the major driver of prices throughout this year... [but] the latest boost was received from an escalation of fighting in Libya which is threatening further supply disruption," says Hussein Sayed, chief market strategist at futures brokerage FXTM.
  • Broad gainers today include LPI +8.5%%, CPG +6.5%, GTE +6%, OTCPK:MEGEF +5.5%, SLCA +4.5%, TUSK +3.4%, PUMP +3%, CRZO +3%, COG +2.5%.
  • ETFs: USO, XLE, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, OLO, SZO, OLEM, WTIU, OILK, OILX

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