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Oil breaks losing streak, prices climb
Source: Agencies |
August 18, 2010, Wednesday
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OIL rose for the first time in five trading sessions yesterday as stock prices climbed with better economic news, and worries about the economic recovery eased.
Benchmark crude rose 53 cents to settle at US$75.77 a barrel on the New York Mercantile Exchange.
Oil prices rose with stocks after the government reported that wholesale prices increased last month for the first time since March, and industrial production in July rose more than economists expected. Oil and stock prices have moved nearly in tandem in recent weeks as commodities investors look to the stock market for signs of where the economy is headed.
The Dow Jones Industrial Average was up about 145 points in afternoon trading. The Nasdaq and the S&P 500 were higher as well.
"Today, it seems that the market sentiment has strongly improved," said a report from Sucden Research in London. "However, trading conditions are likely to remain quite volatile and nervous in the energy market, as uncertainty remains on the table."
"Investors are unlikely to be jumping back into oil with both feet any time, soon," Cameron Hanover noted. "At this stage, they seem to be holding on, waiting for someone else to bid prices higher."
In other Nymex trading in September contracts, heating oil added 3.71 cents to settle at US$2.0259 a gallon and gasoline rose 2.89 cents to settle at US$1.9532 a gallon. Natural gas gained by 3.9 cents to settle at US$4.267 per 1,000 cubic feet on the Nymex.
In London, Brent crude was up US$1.30 to settle at US$77.46 a barrel on the ICE Futures exchange.
Benchmark crude rose 53 cents to settle at US$75.77 a barrel on the New York Mercantile Exchange.
Oil prices rose with stocks after the government reported that wholesale prices increased last month for the first time since March, and industrial production in July rose more than economists expected. Oil and stock prices have moved nearly in tandem in recent weeks as commodities investors look to the stock market for signs of where the economy is headed.
The Dow Jones Industrial Average was up about 145 points in afternoon trading. The Nasdaq and the S&P 500 were higher as well.
"Today, it seems that the market sentiment has strongly improved," said a report from Sucden Research in London. "However, trading conditions are likely to remain quite volatile and nervous in the energy market, as uncertainty remains on the table."
"Investors are unlikely to be jumping back into oil with both feet any time, soon," Cameron Hanover noted. "At this stage, they seem to be holding on, waiting for someone else to bid prices higher."
In other Nymex trading in September contracts, heating oil added 3.71 cents to settle at US$2.0259 a gallon and gasoline rose 2.89 cents to settle at US$1.9532 a gallon. Natural gas gained by 3.9 cents to settle at US$4.267 per 1,000 cubic feet on the Nymex.
In London, Brent crude was up US$1.30 to settle at US$77.46 a barrel on the ICE Futures exchange.
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