Energy stocks surge as oil hits a 4-month high
- Energy stocks jumped on Tuesday, sending the S&P 500 Energy Sector Index up more than 6%, the best performance of any group in the index.
- Oil prices hit their highest levels since March on Tuesday, supporting energy company stocks.
- Here's how much a group of energy company stocks jumped during intraday trading Tuesday.
- Read more on Business Insider.
Energy stocks jumped on Tuesday, sending the S&P 500 Energy Sector Index up more than 6%, the best performance of any group in the S&P 500 index.
Shares of energy companies gained amid rising oil prices, which on Tuesday hit their highest levels since March as investor optimism for a solid economic recovery grows. West Texas Intermediate crude gained as much as 3.9% to $42.40 per barrel. Brent crude, the international benchmark, rose 3.7%, to $44.89 per barrel, at intraday highs.
The commodity faced a rocky start to the year. In March, a price war broke out between Saudi Arabia and Russia, pushing oil lower. Then, the coronavirus pandemic hit, cratering demand and further weighing down prices.
Now, oil prices are rising as economic reopening efforts are spurring expectations of boosted demand in the future, and energy stocks are gaining as well.
Here's how much a group of key energy companies gained on Tuesday.