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.


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