Energy Stocks Rally Amid Another Rebound By Oil Prices

(RTTNews) - Adding to recent gains, energy stocks have shown a strong upward move during trading on Wednesday, benefiting from a rebound by the price of crude oil.

The Philadelphia Oil Service Index is up by 1.9 percent, while the NYSE Arca Natural Gas Index is up by 1.4 percent and the NYSE Arca Oil & Gas Index is up by 1.2 percent.

The strength in the sector comes as crude oil for May delivery has surged up $1.75 to $42.83 a barrel after falling as low as $39.85 a barrel earlier in the session.

Speculation regarding another effort to freeze production contributed to the rebound by the price of oil, although Moscow denied reports of a meeting of major oil producers in Russia next month.