energy Stocks: Oil stocks catch a lift from higher crude price

Oil and gas stocks got a lift early Tuesday from a rebound in crude oil prices, pulling the sector back from the previous session's losses.

In early action, the Amex Oil Index ($XOI : 1,160.64, +12.27, +1.1% ) was up 0.7% at 1,156.3 points, with Spain's Repsol SA (REP :33.00, +0.39, +1.2% ) leading percentage gainers on a 1.2% rise.

The Amex Natural Gas Index was ahead 0.4% at 456.9 points and the Philadelphia Oil Service Index ($OSX :198.52, +2.04, +1.0% ) was up 1.4% at 199.2, closing the gap on Monday's loss.

Market momentum was once again being set by commodities, paced by a rebound in crude oil prices on the New York Mercantile Exchange. After dropping Monday, crude oil for March delivery was up 55 cents early Tuesday at $58.36 a barrel. See Futures Movers.

Energy traders said the move in crude and a corresponding 0.8% up-tick in natural gas prices to $7.28 per million British thermal units were muted reactions to Monday's sell-off. The next fundamental signals to the market are likely to come Wednesday when the Energy Department reports just how much last week's cold snap drew down U.S. fuel supplies.

Meanwhile, Exxon Mobil Corp. (XOM : 75.09, +0.49, +0.7% ) was ahead 0.6% at $75.04 a share, Chevron Corp. (CVX : 72.56, +0.24, +0.3% ) was up 0.5% at $72.70, and ConocoPhillips (COP :66.70, +0.67, +1.0% ) was up 1.1% at $66.78. BP Plc (BP :62.25, +0.07, +0.1% ) , the only Amex Oil Index component struggling to overcome the previous session's losses, was 3 cents lower at $62.15 a share.