Oil climbed nearly $3 today, scraping the $57 a barrel mark. All I have to say is, “What a comeback!”

Today's push higher equates to an 11.4% rise in oil prices since January 17, 2007, and a 5.5% climb today alone. In response, the Energy Select Sector SPDR ETF (XLE:AMEX) is up more than 2.10% and the Oil Services HOLDRS ETF (OIH:AMEX) is up more than 3.15%.

Three of our Material Profits recommendations are up more than 3.5% today with one gaining more than 5.5%!

The move in oil today is a continuation from the bounce we saw in mid January around the key $50 level. I told Bloomberg on Jan. 24, 2007 that oil could move as high as $60-65 a barrel in the near-term (in the next three months).

We're moving right along.

Additionally, oil services companies are moving a bit faster than oil producers. For example, ConocoPhillips (COP:NYSE) is jumping about 1.5% today while oil drilling companies are up between 2.75% and 3.6%.

This is in line with our previous assertions that oil services should outperform oil producers in this market.

Look to the weather to dictate how long this oil rally lasts. Oil inventory numbers should be out tomorrow, and we'll know more about how long oil can keep this up then.

In the meantime, keep a tight rein on your oil sector stocks… Large, one-day gains can mean slight retracements and possible volatility.

That's all for today. Enjoy the gains.