Energy Stocks Move Notably Higher Amid Continued Increase By Oil

(RTTNews) - Despite the pullback by the broader markets, energy stocks are seeing considerable strength in afternoon trading on Tuesday.

The strength in the sector comes as the price of crude oil is seeing further upside after moving sharply higher in the previous session.

After jumping $1.51 to $47.72 a barrel on Monday, crude oil for June delivery is currently up $0.22 at $47.94 a barrel. The price of oil reached a seven-month high of $48.42 a barrel earlier in the day.

Reflecting the strength in the energy sector, the Philadelphia Oil Service Index is up by 1.8 percent and the NYSE Arca Natural Gas Index is up by 1.3 percent.