Energy stocks helped Wall Street pare its initial fall, although the rebound faded before the final bell. West Texas Intermediate crude oil for October delivery surged $3.98 or 8.8% to US$49.20 a barrel to complete a three-day gain of 27.5% or more than US$10 a barrel. The rally, which started on Thursday with reports that Venezuela wants OPEC to hold an emergency meeting on reducing production, accelerated overnight after the oil cartel said it was open to discussing production cuts with other producers. Read more here. Also encouraging buyers was a report that US output declined 1.1% during June from the month before
From Highland Lads morning wrap thanks HL wonder when this is going to move SP ?
SSN Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
