Oil Has Bounced Back

Oil is making a comeback.

On Friday morning, after the US jobs report came in way better than expected, the price of oil tumbled again, with West Texas Intermediate crude futures falling more than 2% to less than $US65.50 a barrel.

This was the lowest level since crude prices dropped sharply late Sunday night after the futures market opened.

But in afternoon trade, WTI was making a comeback, regaining more than $US1 per barrel to trade north of $US66.30 on Friday afternoon.

The drop in oil came after Friday’s jobs report, which sparked a rally in the US dollar, and after bouncing around, also saw the major stock indexes trade higher. 

In afternoon trade the Dow was up 82 points, the S&P 500 was up 6 points, and the Nasdaq was up 14 points. Near 1:15 pm ET, the Dow was just 18 points away from topping 18,000 for the first time.

Here’s Friday’s big bounce in oil.


NOW WATCH: Here Are 5 Big Things Paul Krugman Says He Got Wrong Over The Years


NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.