Oil stocks are on the move Thursday as the price of crude oil recovers after entering a bear market recently.
Oil prices initially jumped after Russia started its invasion of Ukraine a couple of weeks ago. That rise in price also pushed the value of oil stocks higher as investors piled in hoping for profits. Since then, that price has dropped more than 20% but is rising again today.
Let’s go over what this means for oil stocks today below!
Oil Stocks On the Rise Thursday
- Occidental Petroleum (NYSE:OXY) stock starts us off with an over 8% gain as of Thursday morning. That comes after Berkshire Hathaway (NYSE:BRK.A,BRK.B) increased its stake in the company.
- Imperial Petroleum (NASDAQ:IMPP) shares join the list with an over 29% gain this morning. This sees it climbing back from a recent decline that followed oil prices.
- Indonesia Energy (NYSEAMERICAN:INDO) stock is also following the oil price trend as it recovers with a more than 30% rise today.
- Camber Energy (NYSEAMERICAN:CEI) shares are likewise on the rise as investors boost up shares of oil stocks today with the price of crude oil getting a 7.3% boost on Thursday.
- Houston American Energy (NYSEAMERICAN:HUSA) closes out our list of oil stocks on the rise as the company’s shares increase close to 28% as of this writing.
Investors looking for more recent stock market news will want to keep reading!
We’ve got all the hottest stock market coverage that traders need to know about for Thursday. That includes what a Federal Reserve hike rate is, how it will affect the stock market, as well as the news sending TD Holdings (NASDAQ:GLG) stock higher today. You can find all of this news at the following links!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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Article printed from InvestorPlace Media, https://investorplace.com/2022/03/oil-stocks-why-are-oxy-impp-indo-cei-and-husa-up-today/.
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