Oil exchange traded funds rallied Thursday as crude futures spiked nearly 3% to within range of $100 a barrel.
Oil prices jumped after an ADP report estimated private payrolls rose much more than expected in June.
U.S. Oil Fund (NYSEArca: USO) was up 2.5% in recent trading.
The ADP report raised hopes for Friday’s data on nonfarm payrolls, although some analysts warn about using the ADP report as a leading indicator.