December S&P 500 E-Mini futures (ESZ26) are up +0.47%, and December Nasdaq 100 E-Mini futures (NQZ26) are up +0.64% this morning as a retreat in oil prices boosted sentiment ahead of the release of the key U.S. jobs report.
The price of WTI crude slid nearly -4% after Reuters reported that European Union members discussed a French proposal on Friday to release crude and fuel reserves. Under the plan, European countries would release 50 million barrels of diesel, while International Energy Agency members would release 50 million barrels of crude, according to the report. Signs of a recovery in Gulf crude exports also weighed on oil prices, although tensions in the region remain elevated amid concerns about renewed U.S.-Iran military escalation and attacks on shipping. The Wall Street Journal reported on Thursday that the U.S. was sending a third aircraft carrier and additional ships to the Middle East.
