Oil is paring its losses today, trading higher by about 2.4% to $83.19 a barrel.
Support is coming in the form of seemingly positive data for the U.S. economy, including second quarter GDP growth and a decline in initial jobless claims, as well as positive momentum for debt measures in Europe.
The DB Oil Fund (AMEX:DBO) is trading up over 3.1%.
Royal Dutch Shell (RDS.a) continues to battle a blaze at a refinery in Singapore, and has shut down portions of the refinery for safety.
Shell shares are trading up about 3% Thursday.
And, Marketwatch reports that Chevron's (NYSE:CVX) head of Latin American business said the company expects to being drilling in Venezuela's large and mostly untapped Orinoco fields by the end of the year.
Chevron shares are trading up 2.6% Thursday.
The Energy Select Sector SPDR (AMEX:XLE) is trading up over 2.2% Thursday, while the iShares Dow Jones U.S. Energy Sector Index Fund (AMEX:IYE) trades up 2.2%.
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