Crude oil futures are up $0.75 at $74.05
At the top of the hour, the weekly Baker Hughes rig count totals will be released. The oil rig count last week came in at 373. The gas rigs were at 97. Expectations are for an increase in both to 377 and 99 respectively. The price of crude oil is currently trading at $74.05 at up $0.75 or 1.02%. That is near it’s high for the day of $74.18. The high price for the week reached $74.20 Wednesday. Get above that level up the door for further increases (would be another new high going back to October 2018)
Also at the top of the hour Feds Rosengren will discuss financial stability. The Fed stress test results came out yesterday near the close for the day. All the leading financial institutions are above the threshold leaving the door open for increased dividends or increased buybacks. Those are scheduled to be announced at the earliest on Monday.
Thank stocks are mostly higher on the day with Wells Fargo leading with a 3.01% gain. Bank of America is up 2.08% J.P. Morgan is up 1.1%. Citibank lags with a gain of 0.36%.
This article was originally published by Forexlive.com. Read the original article here.