Oil Industry Shares Surge

Bloomberg reported that stock values for publicly traded oil companies rose as crude prices rebounded from 12-month lows.

As quoted in the market news:

As oil rose, shares of oil companies soared.

Nabors Industries Ltd. jumped $1, or 7.5 percent, to $14.42; Baker Hughes Inc. rose $2.46, or 5 percent, to $51.78, and Weatherford International Ltd. rose 65 cents, or 5 percent, to $13.76 in afternoon trading.

Independent oil company Marathon Oil Corp. rose $1.24, or 5.5 percent, at $23.77 and Occidental Petroleum Corp. added $3.94, or 5.1 percent, to $81.19 per share. Among the major integrated oil producers: Exxon, Chevron and Royal Dutch Shell all rose about 3 percent to $75.89, 97.62 and $33.68, respectively.

Click here to read the full Bloomberg report