Shares of oil companies are enjoying a broad rally Tuesday, after crude oil prices bounces sharply to turn positive, shrugging off President Biden's announcement of a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) in an attempt to rein in prices. The SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE +3.48% rose 1.1% in premarket trading, with all 21 components gaining ground ahead of the open. Among some of the more active components, shares of Exxon Mobil Corp. /zigman2/quotes/204455864/composite XOM +2.64% gained 0.8%, Chevron Corp. /zigman2/quotes/205871374/composite CVX +3.62% rose 1.3%, ConocoPhillips /zigman2/quotes/207605056/composite COP +4.25% climbed 1.2%, Marathon Oil Corp. /zigman2/quotes/205031829/composite MRO +6.09% tacked on 1.6% and Occidental Petroleum Corp. /zigman2/quotes/207018272/composite OXY +8.04% advanced 1.9%. Continuous crude oil futures rose 1.2% to $77.66, reversing an earlier loss of about 1.8%, according to FactSet data. Meanwhile, futures /zigman2/quotes/209948968/delayed ES00 -0.53% for the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.05% were little changed.