Two days after dropping into negative territory, oil prices on Wednesday rose 23% to reach $14.23 a barrel for West Texas Intermediate crude after an increase of $2.66 in trading for the day.
Analysts credited an improved investor sentiment to additional stimulus measures passed by the U.S. Senate. Still, the oil market remains broken over extremely weak demand and the inability to store any new crude being produceed in the country’s oil fields.
Brent crude overseas rose $1.62 to reach $20.95 for an 8.3% increase. Natural gas prices went up 9 cents to close at $1.91, an increase of about 4.9%.
Oklahoma energy stocks were up too with Chesapeake Energy seeing a $2.80 increase, reaching $20.18 at the end of Wednesday’s trading. That’s a 3.4% improvement in shares.
ConocoPhillips added $1.79 to reach $34.97, a more than 5% gain while Phillips 66 improved by $1.38 to hit $58.18 per share for the day. ONEOK added 38 cents and ended the day at $27.31.
SandRidge Energy dropped 15 cents and finished Wednesday’s trading day at $1.68 a share.