WTI crude rose 0.66% to $59.33 at 3:17 p.m. as oilfield services firm Baker Hughes (BHI) announced that the U.S. oil rig count declined for the 22nd consecutive week, according to Reuters.
The number of crude drilling rigs in U.S. oilfields dropped by 11 last week, bringing the total to 668 rigs, less than half of the 1,528 at the same time last year.
In addition, the April U.S. job report released Friday also boosted U.S. crude prices.
Nonfarm payrolls increased 223,000 in April, despite the fact that March payrolls were revised down to just 85,000.
Insight from TheStreet's Research Team
Jared Woodard commented on Chesapeake Energy in a recent post on Options Profits. Here's what he had to say about the stock:
It was easy to get whiplash this week. The long volatility call we and others have been making for the past several weeks paid off, but you certainly had to be nimble. While non-farm payrolls didn't change the basic outlook, they were good enough to reverse losses in stocks from earlier in the week.
On Monday, we looked at two ideas to take advantage of inexpensive options in the financial sector with the Financial Select Sector SPDR Fund (XLF).
There were some interesting block orders that came across on Tuesday in Altera (ALTR), Chesapeake Energy, and Petrobras (PBR). On Wednesday, it looks like we correctly called the turn in the iShares 20+ Year Treasury Bond ETF (TLT) via a short put spread.