Energy Stocks Rebound As Crude Oil Climbs Well Off Lows

(RTTNews) - After seeing initial weakness, energy stocks have shown a substantial turnaround over the course of the trading session on Monday.

The Philadelphia Oil Service Index has surged up by 1.8 percent, the NYSE Arca Oil & Gas Index is up by 1.4 percent and the NYSE Arca Natural Gas Index is up by 1.2 percent.

The rebound by energy stocks comes as the price of crude oil has climbed well off its worst levels, with crude for May delivery down $0.46 at $39.90 a barrel after falling as low as $37.61 a barrel.

The price of oil fell sharply early in the day after major oil producing nations failed to reach an agreement on a production freeze at a weekend meeting in Doha.