Oil Prices Jump Past $84

Elsewhere, the Energy Information Administration announced earlier this week that oil inventory figures were more bullish than had been expected. Crude stores fell by 1.7 million barrels during the week ended Oct. 5, whereas analysts were looking for an increase of 1.5 million barrels. The numbers continued to support crude prices in Friday's trading session, Mandel said.

Meanwhile, energy stocks moved broadly higher. Leading the pack was BP(BP Quote), which revealed a massive restructuring program intended to streamline the company and restore its competitive position against the other majors.

BP plans to shave down its main business segments from three to two, with a third, smaller unit dedicated to alternative energies. BP was last trading 4.9% higher at $75.34 a share.

Also advancing was Royal Dutch Shell(RDS.A Quote), which rose 1.5% to $83.15.

Among ratings changes, Friedman Billings downgraded two coal processing firms. Massey Energy (MEE Quote), lowered to underperform from market perform, was down 2.9% to $26.50. Alpha Natural Resources (ANR Quote), downgraded to market perform from outperform, was 0.6% lower at $26.15.