On Friday, oil prices broke a five session slide on strong industrial output growth from China and a warning of supply shortages from Libya and Iraq from the International Energy Agency. China's National Bureau of Statistics reported a 9.7 percent year-over-year increase in industrial output for July, up from 8.9 percent in June. According to data from Chinese customs authorities, China’s imports of crude oil in July totaled 26.11 million metric tons, an increase of 20 percent when compared to a year ago. Additionally, the IEA reported demand for the Organization of the Petroleum Exporting Countries' oil is expected to be 29.8 million barrels a day this year, an increase of 200,000 barrels from its previous estimate. The IEA has stated that "continued supply outages in Iraq and Libya...may reduce the group's output in coming months."
Enerplus Corp. (NYSE:ERF - News)(TSX:ERF.TO - News) shares traded in the range of $16.52 to $17.37 Friday before settling to close at $17.03, an increase of 3.46 percent. The stock appears have some support at the $16.64, $16.29 and $$16.10 levels. Shares of Enerplus have gained approximately 30.0 percent in 2013.
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Forest Oil Corporation (NYSE:FST - News) shares traded in the range of $5.01 to $5.14 Friday before settling to close at $5.13, an increase of 0.39 percent. The stock appears to be facing resistance at the $5.35 and $6.36 levels with some support at $5.12. Shares of Forest Oil have fallen approximately 23.0 percent in 2013.
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Goodrich Petroleum Corporation (NYSE:GDP - News) shares traded in the range of $19.63 to $20.38 Friday before settling to close at $19.90, a decrease of 1.87 percent. The stock appears to be facing resistance at $20.82 with some support at the $15.72 and $14.19 levels. Shares of Goodrich Petroleum have gained over 110.0 percent in 2013.
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Pengrowth Energy Corp. (NYSE:PGH - News)(TSX:PGF.TO - News) shares traded in the range of $5.65 to $5.79 Friday before settling to close at $5.77, an increase of 1.41 percent. The stock appears to be facing resistance at the $5.84 and $6.01 levels with some support at $5.66. Shares of Pengrowth Energy have gained approximately 16.0 percent in 2013.
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