A report came out showing gasoline supplies were up. Oil stocks were well on their way to gains before this. I'd view any pullbacks as buying opportunities. Over the past year or so, these stocks have seen general fluctuations, but have continued to move higher overall.
Overall, stocks appear to be headed mostly flat. For ammunition, the bulls have more M&A activity with the Hilton Hotels deal, and a strong service industries report. For the bears, treasury yields are moving higher again, the UK raised their benchmark rate, and Chinese stocks traded down 5%.
This tug-of-war seems set to continue throughout most of the summer.