WASHINGTON (dpa-AFX) - While many of the major sectors are showing only modest moves during trading on Wednesday, energy stocks have moved notably higher along with the price of crude oil.
Crude oil for May delivery jumped $1.14 to $49.51 a barrel following the release of a report from the Energy Information Administration showing a smaller than expected weekly increase in crude oil inventories.
Reflecting the strength in the energy sector, the NYSE Arca Natural Gas Index has surged up by 2.4 percent, the Philadelphia Oil Service Index has jumped by 2 percent, and the NYSE Arca Oil & Gas Index has advanced by 1.3 percent.
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