Jobs Data Adds to Bullish Oil Sentiment (USO) (XOM) (COP)
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United States Oil (NYSE: USO) is higher by 3 percent early on Friday following a better than expected jobs report in the U.S. Oil futures are trading above $89.50 per barrel and look retake $90. Oil prices are also being supported by tensions in the Middle East and inventories in the U.S.
Seaborne oil exports from OPEC, excluding Angola and Ecuador, will fall by 120,000 barrels per day in the four weeks to August 18, according to the UK consultancy Oil Movements. Additional, fighting in Syria and tensions with Iran are supporting prices.
U.S stockpiles fell 6.52 million barrels last week, according to EIA data. This surprised analysts, who were calling for a drop of about 1 million.
Energy stocks are getting a boost from the rise in oil prices. Exxon Mobil Corporation (NYSE: XOM) is higher by over 1.4 percent and ConocoPhillips (NYSE: COP) is higher by 1.6 percent in early trading on Friday.
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Seaborne oil exports from OPEC, excluding Angola and Ecuador, will fall by 120,000 barrels per day in the four weeks to August 18, according to the UK consultancy Oil Movements. Additional, fighting in Syria and tensions with Iran are supporting prices.
U.S stockpiles fell 6.52 million barrels last week, according to EIA data. This surprised analysts, who were calling for a drop of about 1 million.
Energy stocks are getting a boost from the rise in oil prices. Exxon Mobil Corporation (NYSE: XOM) is higher by over 1.4 percent and ConocoPhillips (NYSE: COP) is higher by 1.6 percent in early trading on Friday.
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