Why ConocoPhillips Stock Rocketed More Than 16% in March

Shares ofConocoPhillips(COP+0.71%)surged 16.3% in March, significantly outperforming the 5% decline in theS&P 500. The oil company benefited from a big surge in crude oil prices last month. Here's a look at what fueled its rally last month and whether theoil stock is a buy. Image source: Getty Images. Brent oil, the global benchmark price, skyrocketed 43% in March to nearly $104 per barrel. Meanwhile, WTI, the U.S. oil price benchmark, surged 51% last month. That was their biggest monthly gain since 2020. Both oil price benchmarks gained more than 70% during the first quarter, the biggest quar