Oil Runs Higher On Positive Economic Signs
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Crude oil is running to 18-month highs today as positive economic data on the jobs front and service sector suggests the economic recovery is accelerating.
The May crude contract is up 2% to $86.63.
On Friday, with the market closed, the Labor Department showed that nonfarm payrolls for the month of March increased by 164,000, marking the largest monthly gain in three years.
Today, the Institute for Supply Management reported that its service index grew to 55.4 last month after a reading of 53 in February. Economists had expected a reading of 54, as any number above 50 signals growth.
While oil is moving higher on the positive economic data, surging prices is a double edged sword as higher prices at the pump could put a crimp on an economic recovery.
Related ETFs:
United States Oil (NYSE: USO) +1.8%
United States Natural Gas (NYSE: UNG) +3.4%
Energy Select Sector SPDR (NYSE: XLE) +1.6%
The May crude contract is up 2% to $86.63.
On Friday, with the market closed, the Labor Department showed that nonfarm payrolls for the month of March increased by 164,000, marking the largest monthly gain in three years.
Today, the Institute for Supply Management reported that its service index grew to 55.4 last month after a reading of 53 in February. Economists had expected a reading of 54, as any number above 50 signals growth.
While oil is moving higher on the positive economic data, surging prices is a double edged sword as higher prices at the pump could put a crimp on an economic recovery.
Related ETFs:
United States Oil (NYSE: USO) +1.8%
United States Natural Gas (NYSE: UNG) +3.4%
Energy Select Sector SPDR (NYSE: XLE) +1.6%
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