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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.