Crude Oil Marks Nine-Month High Over $109/Barrel
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NYMEX Light, sweet crude oil for April delivery looks like it will finish higher for the ninth-straight session Friday. A barrel of oil last traded at $109.24, up about 1.3 percent from Thursday's close. Crude oil is up more than 13 percent since a recent low of $95.81 per barrel set on February 2nd. Notably, oil has not been trading over the $109 level since early May of last year.
Concerning headlines related to Iran's nuclear program are weighing on the crude market this afternoon. A report from a UN inspector estimated Iran tripled production of 20-percent enriched uranium over just the last three months. Earlier this week, Iranian officials announced the country would cut off exports to both the UK and France.
While recent tension in the Middle East has certainly added to crude's month-long move higher, pit traders are pointing at a slowly-but-surely-type improvements in economic indicators around the globe. Unemployment levels are starting to look less concerning and the housing market -- certainly the most depressed segment of the economy over the last few years -- has begun to show pockets of strength. A reading on consumer confidence Friday showed sentiment remains just under multi-year highs.
As normal during times of rising oil prices, the alternative energy and speculative oil plays are creeping back onto trader's watch lists. Pacific Ethanol (Nasdaq: PEIX) shares are up 21 percent Friday afternoon. Shares of micro-cap stocks Pyramid Oil (AMEX: PDO), Mexco (AMEX: MXC) and Fieldpoint (AMEX: FPP) are up 59 percent, 52 percent and 16 percent since early-to-mid February.
Concerning headlines related to Iran's nuclear program are weighing on the crude market this afternoon. A report from a UN inspector estimated Iran tripled production of 20-percent enriched uranium over just the last three months. Earlier this week, Iranian officials announced the country would cut off exports to both the UK and France.
While recent tension in the Middle East has certainly added to crude's month-long move higher, pit traders are pointing at a slowly-but-surely-type improvements in economic indicators around the globe. Unemployment levels are starting to look less concerning and the housing market -- certainly the most depressed segment of the economy over the last few years -- has begun to show pockets of strength. A reading on consumer confidence Friday showed sentiment remains just under multi-year highs.
As normal during times of rising oil prices, the alternative energy and speculative oil plays are creeping back onto trader's watch lists. Pacific Ethanol (Nasdaq: PEIX) shares are up 21 percent Friday afternoon. Shares of micro-cap stocks Pyramid Oil (AMEX: PDO), Mexco (AMEX: MXC) and Fieldpoint (AMEX: FPP) are up 59 percent, 52 percent and 16 percent since early-to-mid February.
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