Crude Gains After Plunge: Oil Alert

NEW YORK (TheStreet) -- Oil futures were ticking higher Friday, following a two day selloff that saw the price of oil drop to its lowest point in months.

The November delivery contract for light, sweet crude was higher by 42 cents at $66.31 a barrel during electronic trading on the New York Mercantile Exchange. But on Thursday, the contract settled at its lowest since the end of July at $65.89 after plunging $3.08. Last week, the then-front month contract traded above $72.

Midweek reports of increasing crude and product stockpiles boosted the selloff frenzy. Meanwhile, the dollar gained strength on Thursday, triggered by a disconcerting morning home sales report that sent investors fleeing from higher yields.

Elsewhere, most of the major oil shares finished Thursday's trading session in the red. Exxon Mobil(XOM Quote) lost 7 cents to close at $68.93. Chevron(CVX Quote) and ConocoPhillips(COP Quote) lost 0.9% and 1.7% each.

Marathon Oil(MRO Quote) bid lower by 65 cents at $32.03 by the closing bell and Murphy Oil(MUR Quote) was down $1.83 at $58.03.

Overseas-based operations didn't fare better, as American depositary shares for BP(BP Quote) and Royal Dutch Shell(RDS.A Quote) slid 1.9% and 1.5%, respectively. However, both were moving slightly higher in premarket trading on Friday.

-- Written by Sung Moss in New York

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