MW: Energy stocks draw strength from rising oil prices
NEW YORK (MarketWatch) -- Energy stocks rose in early action on Tuesday as oil hit $69 a barrel and the broad market moved into the green.
The Amex Oil Index (XOI 986.68, +7.00, +0.72%) rose 1.1% to 990. The Amex Natural Gas Index (XNG 446.08, +1.09, +0.25%) rose 1% to 449. The Philadelphia Oil Service Index (OSX 181.48, +4.13, +2.33%) rose 1.75% to 180.
Sector leader Exxon Mobil (XOM 73.64, +0.47, +0.64%) rose 0.4% to $73.48. Chevron (CVX 70.22, +0.64, +0.92%) rose 0.6% to $70. Both oil majors are components of the Dow Jones Industrial Average (INDU 8,770, +5.29, +0.06%) , which rose fractionally.
Among the movers in the sector, BP (BP 52.01, +0.66, +1.29%) rose 1.3% to $52.02. Weatherford International (WFT 21.18, +0.92, +4.54%) jumped 3.7% to $21. Noble Energy (NBL 65.25, +1.02, +1.59%) rose 1.6% to $65.27.
Chesapeake Energy (CHK 22.91, -0.01, -0.04%) fell 15 cents to $22.77 after it agreed to sell $218 million in energy assets to privately held Indigo Minerals LLC.
Crude-oil futures climbed above $69 a barrel Tuesday, finding support from a weaker dollar as traders assessed prospects for this week's data on U.S. petroleum inventories.
