- Nymex crude oil futures rebounded, settled back above $39/bbl on gains from bargain hunting and short-covering following China’s decision to cut interest rates.
- WTI crude for October delivery rose $1.07 (+2.8%) to $39.32/barrel, while Brent crude added $0.52 (+1.2%) to $43.21, bouncing off six-and-a-half year lows, but analysts warn investors should expect today's gains to be temporary.
- "The broader theme is still that demand is very robust, and it’s the supply side that’s been the problem... Prices need to be lower for longer to make sure the supply side start reacting," says Energy Aspects analyst Amrita Sen.
- Energy companies had led today's stock market gainers for most of the day, but most of the increases have dissipated in late trading.
- ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG