Sector movers: Surging prices lift oil stocks

24th Feb 2011 14:56

Oil groups are higher Thursday afternoon on the back of surging oil prices amid the ongoing turmoil in Libya.Brent crude jumped to $119.79 a barrel on the London-based ICE Futures Europe exchange, up by nearly 18% since the unrest began. The April contract for US light crude rose to $103.41 a barrel.Tullow Oil, BG Group, Enquest and Premier Oil are all making gains.The chemicals sector is the worst performing sector with Croda International among those worst hit.The speciality chemicals group is in the red despite a kind word from broker UBS, which has kept its positive stance on the company after fourth quarter results came in ahead of expectations.Top performing sectors so far todayAlternative Energy 3,342.08 +1.41%Oil & Gas Producers 8,722.74 +1.40%Oil Equipment, Services & Distribution 24,472.36 +0.78%Mining 25,801.28 +0.75%Electricity 7,497.59 +0.61%Bottom performing sectors so far todayChemicals 6,566.83 -1.85%Automobiles & Parts 4,643.40 -1.73%Forestry & Paper 5,757.29 -1.57%Technology Hardware & Equipment 764.13 -1.38%Tobacco 27,830.18 -1.32%