Oil stocks are seeing considerable strength during trading on Wednesday, contributing to the upward move by the broader markets. The gains by oil stocks come as oil inventories rose in line with expectations, failing to dent oil prices, which are seeing a strong upward move on the day.
Traders are also digesting comments from the meeting of OPEC ministers in Vienna, where petroleum producers have decided to keep current supply quotas in light of an anticipated pickup in demand from emerging markets.
The strength in the oil sector is reflected by the 1.3 percent gain currently being shown by the NYSE Arca Oil Index. The index has been moving higher for the majority of the month and reached its best level in nearly two months earlier.
The strength among oil stocks comes as the price of crude oil is advancing, building on recent gains. Light sweet crude for April delivery is currently up $0.68 at $82.38 a barrel in commodities trading on the NYMEX.
The Energy Information Administration reported that crude oil inventories for the week ended March 12th rose by 1 million barrels to 344.0 million barrels, in line with analyst expectations.
Within the sector, Halliburton Co. (HAL) and Smith International Inc. (SII) are posting strong gains, rising by 2.5 percent and 1.5 percent, respectively.
Halliburton reached its best price in nearly two months earlier, while Smith International saw its best level in nearly eighteen months.
Baker Hughes Inc. (BHI), BJ Services Co. (BJS) and Schlumberger Limited (SLB) are also advancing by substantial margins, while Nabors Industries Ltd. (NBR) is bucking the uptrend, retreating by 1 percent.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.