Oil Stocks Rise as Crude Prices Gain 4.5% to $74

Oil stocks have risen as crude prices gained about 3%. However, prices later pared gains after a report indicated that US crude stockpiles rose by 3.89 million barrels, suggesting the market can absorb potential disruptions from the Middle East. Crude oil prices have increased by 4.5% to $74, marking a 12% rise since the beginning of the period.