Oil Update: Crude Soars Early

Updated with recent stock and contract price movement.

NEW YORK (TheStreet) -- Oil futures continued marching in the morning, passing the $71 mark after surging late last week.

Light, sweet crude for September delivery put on another $1.97 on Monday morning, coming to $71.42 per barrel on the New York Mercantile Exchange. On Friday, the front-month contract for benchmark crude settled at $69.45 after gaining $2.51.

More than a few news reports are attributing the movement up on investor confidence about global economic recovery, particularly in manufacturing. Earlier today, a report showed manufacturing in China increased in July. Later today, the Institute for Supply Management will release U.S. manufacturing statistics, with most anticipating the data to show improving conditions.

Many will be watching Marathon Oil(MRO Quote) closely today, as the energy concern is set to report second-quarter earnings. Last week, all of the oil majors reporting earnings showed steep profit slumps based on demand problems and drooping commodity prices compared to last summer's astronomical highs.

This morning, shares of the integrated oil and gas operation were up 35 cents, or 1.1%, at $32.60.

Murphy Oil(MUR Quote) will be reporting earnings later this week. Shares were gaining 95 cents, or 1.6%, at $59.15.

Tomorrow, oil servicer Cameron International(CAM Quote) will be posting its quarterly results. Shares were bidding at $32.23, up $1 or 3.2%.

Other companies around the energy sector expected to report today include Anadarko Petroleum(APC Quote) and Chesapeake Energy(CHK Quote), which saw shares tracking up 3.5% and 3.8%, respectively, today.

-- Reported by Sung Moss in New York.