- U.S. crude oil hits $50/bbl for the first time in five weeks, extending yesterday's strong gains after forecasts for stronger oil demand by the International Energy Agency; energy stocks (XLE +1%) open strong as WTI currently +1.5% at $50.05/bbl after gaining 2.2% yesterday.
- WTI popped above its 200-day moving average level of $49.55 earlier in the session, a level it had not breached on an intraday basis since Aug. 10.
- Brent crude now +0.9% at $55.69/bbl for its highest since April, after rising 1.6% on Wednesday.
- The gains followed an IEA report which raised its estimate of 2017 world oil demand growth to 1.6M bbl/day from 1.5M bbl/day.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, XOP, SCO, OIH, BNO, DBO, ERY, DIG, DTO, BGR, XES, USL, FENY, DUG, IYE, GUSH, IEO, DRIP, FIF, DNO, IEZ, PXE, NDP, OLO, PXI, RYE, SZO, PXJ, PSCE, FXN, OLEM, CRAK, DDG, NANR, OILK, WTIU, OILX, WTID, USOI, JHME, XE, ERYY, FTXN, ERGF
- Now read: A Fresh Look At Oil Stocks
Original article