The energy stocks were one of the weaker industry groups Friday. This important sector traded lower as the price of oil continued to fall. Traders can easily see that the United States Oil Fund (NYSEARCA:USO) traded lower by 0.45 cents to $30.04 a share. This is a new four month low for the popular oil ETF.
One of the leading energy stocks that came under selling pressure was Chevron Corp (NYSE:CVX). Friday morning, CVX the stock is declined lower by 0.72 cents to $102.90 a share. Short-term traders should watch for intra-day support around the $101.90 level.
Some other leading energy stocks that declined lower Friday include ConocoPhillips (NYSE:COP), Devon Energy Corp (NYSE:DVN), and Suncor Energy Inc (NYSE:SU). All of these stocks could see intra-day bounces if the U.S. Dollar Index pulls back. Generally, the energy stocks will trade inverse to the U.S. Dollar.