Energy Stocks Move Sharply Higher Amid Increase In Oil Prices

(RTTNews) - Reflecting an increase by the price of crude oil, energy stocks are turning in some of the market's best performances in afternoon trading on Friday.

While the NYSE Arca Oil & Gas Index has jumped by 2.8 percent, the NYSE Arca Natural Gas Index and the Philadelphia Oil Service Index are both surging up by 4.2 percent.

The strength in the sector comes as crude oil for April delivery is climbing $0.78 to $38.62 a barrel after slipping $0.45 to $37.84 a barrel on Thursday.

Earlier in the session, the price of crude oil reached its highest level of 2016, benefiting from an optimistic report from the International Energy Agency.

In its monthly report, the IEA said the price of oil may have bottomed due to lower output from the U.S. and other non-OPEC producers.