Why Oil Stocks Are Soaring Today

Why Oil Stocks Are Soaring Today

Oil prices are bounding higher on Tuesday, with WTI, the leading U.S. oil benchmark price, surging more than 4% to nearly $45 a barrel by 10:45 a.m. EST on Tuesday. Fueling the rally in oil prices was news this week that a third vaccine against COVID-19 had an efficacy rate of up to 90% in a late-stage clinical trial. The surge in oil prices is propelling oil stocks today.