Investing.com - The long awaited rally in oil stocks has finally arrived.The popular SPDR S&P energy exchange traded fund is up 16% in the past month and 9% for the year, as stocks finally catch up with the year-long rebound in the crude oil market. Suddenly, the oil sector is outperforming the broader market, rather than vice versa.The oil sector rally has been broad-based, lifting production and refining companies as well as equipment and service ones.Even industry giant Exxon Mobil (NYSE:XOM), whose stock has slumped for much of the past year, is up 7% in the past month.The rally in stocks is reflected in the sector's most recent earnings, which almost doubled from a year ago. Profits have been driven by booming U.S. shale oil production and the strong global economy.