Energy Stocks Move Sharply Higher Amid Spike In Oil Prices

(RTTNews) - Energy stocks have shown a strong move to the upside during trading on Friday, benefiting from a sharp increase by the price of crude oil.

Reflecting the strength in the sector, the Philadelphia Oil Service Index and the NYSE Arca Natural Gas Index are both up by 3.2 percent and the NYSE Arca Oil & Gas Index is up by 2.7 percent.

The gains by energy stocks comes as crude oil for May delivery has surged up $2.38 to $39.64 a barrel after sliding $0.49 to $37.26 a barrel in the previous session.

The rebound by the price of crude oil comes as Russian Energy Minister Alexander Novak said he hopes oil producing nations will agree to an output freeze at a meeting later this month.