Jobs Data Adds to Bullish Oil Sentiment (USO) (XOM) (COP)
Tweet Send to a Friend
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Silver, Gold Active as Bernanke Expresses Some Concerns (SLV) (GLD)
- Japan to Stem Bond Volatility as Aggressive Fiscal Policy Takes Hold (FXY) (EWJ)
- Gold Sinks Below $1400/oz (GLD) (IAU) (SLV)
Create E-mail Alert Related Categories
Commodities, ETFsRelated Entities
OPEC
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
