MW: Energy stock head higher on positive economic news
By Jim Jelter
SAN FRANCISCO (MarketWatch) -- Oil and gas stocks tracked early market gains Wednesday, buoyed by crude oil prices' modest advance on positive economic news from Europe. The NYSE Arca Oil Index (XOI 895.58, +5.42, +0.61%) was ahead 0.7% at 897.3 points, with shares of BP PLC (BP 28.83, +1.16, +4.19%) up 4.7% to lead percentage gainers in the group. The NYSE Arca Natural Gas Index (XNG 488.19, +2.30, +0.47%) was up 0.8% at 489.9 points and the Philadelphia Oil Service Sector Index (OSX 167.45, +3.35, +2.04%) was ahead 2% at 167.6 points. Crude oil for August delivery rose 51 cents to $76.45 a barrel in New York following a successful European Central Bank loan auction, a sign that credit is easing in that part of the world.
