Energy Stocks Swing To Gains As Oil Prices Turn Sharply Higher

By Tomi KilgoreMarketWatch Pulse

Energy stocks pulled a sudden intraday U-turn to trade broadly higher in afternoon trade Monday, as crude oil prices spiked higher in response to data showing reduced production in the U.S. and after OPEC expressed concerns over low prices. The SPDR Energy ETF jumped 1%, after being down as much as 2.5% earlier in the session. The Market Vectors Oil Services ETF shot up 29%, reversing a 2.6% loss at its intraday low. Meanwhile, October crude oil futures soared 7.6% to a one-month high of $48.66 a barrel, after being down 3.6% at an earlier low of $43.60. Among the shares of some of the more-active energy companies, Chevron Corp. and Exxon Mobil Corp. were little changed, after being down 3.1% and 2.4%, respectively, earlier in the session. Shares of Schlumberger climbed 2.2%, Transocean gained 2% and Halliburton advanced 2.2%.

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