Friday; oil prices climbed slightly, as the U.S. economy released its University of Michigan consumer confidence, showing that it rose, beating market expectations. This meant that demand on energy products was going to faintly climb, while rising optimism of a global recovery also supported the rise we saw last week. The contract gained $0.25 closing at $72.74, while recording a high of $73.52 per barrel and a low of $71.78 per barrel.
The U.S. stock markets ended the week off last week in fluctuation, as phone companies fel,l while technology stocks climbed in greater spending on technology products. Turning to oil shares, we saw that Exxon Mobil shed 0.74 points or 1.04% to 70.12 points; ConocoPhillips dipped 0.03 points or 0.06% to 45.70 points; while, Chevron Corp. declined 0.32 points or 0.45% to 70.68 points.
Today, crude oil prices slipped in Asia, as a result of China's stock market falling; while, there are worries that if the U.S. economy is going to recover in the second half of the year. Investors are eyeing the U.S. carefully, since it is the biggest crude oil consumer; while later this week, the economy is going to release its job's report, and this will determine the trend of oil prices, because if the job market softens even further it will cripple demand on energy products, which means that investors will step out of markets. The markets today opened at $72.75, while recording a high of $73.36 per barrel and a low of $72.21 per barrel.
Oil markets are currently steady, since the focus remains on the data released later this week, while expectations are showing that unemployment is going to rise; weighing heavily on oil prices, since a weak job market means dampened oil demand.