Shares of energy producers rose alongside oil futures, which neared the psychologically significant $50-a-barrel level. Oil futures, which closed at a two-month high above $49, have benefitted from a recent decrease in U.S. inventories after months of persistently high supply readings.
"Today's market action suggests that the recent rally has long legs and full capitulation by the bears maybe at hand," said Peter Cardillo, chief market economist at First Standard Financial.
Executives at Royal Dutch Shell, in contrast, said they were preparing for a prolonged period of low oil prices after the Anglo-Dutch giant posted quarterly earnings.
Rob Curran, email@example.com
(END) Dow Jones Newswires
July 27, 2017 17:37 ET (21:37 GMT)