U.S. stocks were mixed Friday at the end of one of the most volatile weeks in years for global markets. WSJ
The Dow Jones Industrial Average declined 31 points, or 0.3%, to 166239 in midday trading after briefly moving into positive territory earlier. The S&P 500 was down 0.1%, and the Nasdaq Composite rose 0.1%.
Oil prices continued to head higher on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria. Cnbc
U.S. oil rigs rose by 1 from last week to 675, according to Baker Hughes data, further prodding up U.S. oil futures. Oil rigs still remain down 900 from last year. Cnbc
During Friday’s Current trade, Shares of Chesapeake Energy Corporation (NYSE:CHK), gain 5.70% to $7.42, as oil prices continued to rise for the second day in a row.
WTI crude oil for October delivery was up 4.46% to $44.46 a barrel Friday morning, and Brent crude oil for October delivery was up 3.47% to $49.21 a barrel.
Crude oil prices were rising for a second day following positive U.S. economic data and reports of low crude supply in Nigeria, according to Reuters. A pipeline outage in Nigeria assist contribute to the country’s low supplies, contributing to the recent rise in oil prices.
Stabilizing markets also assisted contribute to rising oil prices, according to Reuters. Chinese stock markets ended up on Friday after a volatile start earlier in the week.
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States.
Shares of Nabors Industries Ltd (NYSE:NBR) inclined 6.41% to $11.46, during its current trading session, as oil prices continued to rise for a second day in a row.
U.S. oil rigs rose by 1 from last week to 675, according to Baker Hughes data, further prodding up U.S. oil futures. Oil rigs still remain down 900 from last year.
Brent was up $3.26, or 6.85 percent, at $50.46 per barrel by 1:06 p.m. EDT. It settled $4.42 higher at $47.56 on Thursday. CNBC
U.S. crude was up $3.29, or 7.7 percent, at $45.87, over 20 percent off its Monday lows of $37.75 a barrel. It ended the previous session up $3.96. CNBC
Nabors Industries Ltd., together with its auxiliaries, provides drilling and rig services. The company offers rig instrumentation, optimization software, and directional drilling services.
Shares of Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR), added 0.87% to $5.78, during its current trading session,
Oil futures climb on Friday, on track for a sizable weekly advance after scoring their biggest one-day gain in more than six years in the prior session. Marketwatch
On Thursday, WTI and Brent prices surged 10.3%, the largest one-day percentage gains since March 2009 for Nymex crude and since December 2008 for Brent crude. Marketwatch report
“Oil ultra bears got hit with a reality check after oil posted its biggest on day snap back since the crazed buying days at the beginning of the frenzy buying of 2008,” said Phil Flynn, senior market analyst at Price Futures Group.
“The complex has yet to feel the full impact of coattail spending cuts and project cancellations that will provide a tighter market of oil in the future, when the global economy comes back,” Flynn said. “Already this year, global oil-demand growth is the strongest we have seen in five years and if we see that surge in the last half of the year, we could see the market tightening much quicker than anticipated.” Marketwatch added
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
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