Shares of Oceaneering International (NYSE: OII) rallied more than 12% by the close of trading on Tuesday. Fueling the oil stock was growing enthusiasm in the oil market as crude prices continued climbing. With today’s jump, Oceaneering International is up more than 40% so far in 2021, boosted in part by a big rally last week.
Crude oil prices continued their recent rebound today. WTI, the primary U.S. oil benchmark, rose more than 1.7%, closing above $53 a barrel. Meanwhile, Brent, the global benchmark, added another 1.6%, closing above $56.50 a barrel. That pushed crude oil to an 11-month high.