WASHINGTON (dpa-AFX) - Energy stocks have moved sharply higher during trading on Wednesday, benefiting from a substantial increase by the price of crude oil.
Crude oil for November is jumping $1.39 to $51.68 a barrel following the release of a report showing an unexpected drop in weekly crude oil inventories.
The report from the Energy Information Administration said crude oil inventories slumped by 5.2 million barrels last week compared to expectations for an increase of about 2.7 million barrels.
Among energy stocks, oil service stocks have shown a particularly strong move to the upside, resulting in a 3.4 percent jump by the Philadelphia Oil Service Index.
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