Oil prices inch up amid strong energy stocks

Published : 05 Sep 2019 09:14 PM | Updated : 06 Sep 2020 01:06 AM

Oil prices rose on Wednesday, along with robust energy stocks, which extended gains during the day as market worries over potential financial volatility were eased by some positive news.

The West Texas Intermediate for October delivery increased 2.32 U.S. dollars to settle at 56.26 dollars a barrel on the New York Mercantile

Exchange, and Brent crude for November delivery rose 2.44 dollars to close at 60.70 dollars a barrel on the London ICE Futures Exchange, agency reports.

The Cboe Volatility index, widely considered the best fear gauge in the stock market, decreased 11.85 percent to 17.33 on Wednesday. The energy sector surged nearly 1.4 percent as of market close, among the best performers of the 11 primary S&P 500 sectors, all of which notched gains on Wednesday.

Specifically, shares of Exxon Mobil and Chevron rallied 1.06 percent and 0.84 percent respectively, among the best performers in the 30 blue-chip stocks in the Dow Jones Industrial Average.

Shanghai crude oil futures higher Crude oil futures opened higher Thursday in daytime trading on the Shanghai International Energy Exchange. The most active crude oil contract for October delivery was up 15.4 yuan (2.17 U.S. dollars) to open at 439.5 yuan a barrel.

China launched the crude oil futures trading, which is open to overseas investors, in March 2018.