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Oil prices rise as traders eye equities, storms
Source: Agencies |
July 20, 2010, Tuesday
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OIL prices rose yesterday as investors kept an eye on potential tropical storms in the Atlantic and improving stock markets.
Oil traders have looked to stocks for signs the economy is getting better and, with it, demand for oil and gas.
Benchmark crude for August delivery rose 53 cents to settle at US$76.54 a barrel on the New York Mercantile Exchange.
Halliburton Co. reported stronger second-quarter results, although it faces costs associated with the oil spill in the Gulf of Mexico. Investors were upbeat about the potential growth in land-based oil services and pushed Halliburton shares up 6.5 percent in afternoon trading. BP shares fell by about 6 percent on worries the capped well at the bottom of the Gulf could be leaking oil.
The economic news yesterday was mixed again. The National Association of Home Builders said its seasonally adjusted housing market index fell to 14 in July, the lowest level since March 2009.
Builders reported a sharp drop in the number of buyers looking for new homes since federal tax credits expired April 30.
The U.S. economic recovery continued during the second quarter of this year with more businesses hiring workers and fewer cutting jobs, but the pace of growth has slowed, according to a survey released yesterday by the National Association for Business Economics.
"Persisting concerns about the economy could result in further position squaring and allow prices to fall again in the direction of US$70," Commerzbank said in a note to investors.
Stocks rebounded yesterday as investors bought selectively following the market's big slide last week. The Dow Jones industrial average rose more than 60 points in late afternoon trading after tumbling 261 on Friday. Broader indexes also gained.
Oil prices wavered in the mid-US$70s last week as investors sought insight into the strength of the global economy from the start of second quarter company results in the U.S.
This week includes earnings reports from several big companies, including International Business Machines Corp. on yesterday, followed by Goldman Sachs Group Inc. the next day. Later in the week come reports from Coca-Cola Co., Amazon.com Inc. and Microsoft Corp.
In other Nymex trading heating oil rose 0.57 cent to settle at US$2.0170 a gallon, gasoline added 1.04 cents to settle at US$2.0772 a gallon and natural gas lost 0.9 cent to settle at US$4.510 per 1,000 cubic feet.
Brent crude was up 25 cents to settle at US$75.62 a barrel on the ICE futures exchange.
Oil traders have looked to stocks for signs the economy is getting better and, with it, demand for oil and gas.
Benchmark crude for August delivery rose 53 cents to settle at US$76.54 a barrel on the New York Mercantile Exchange.
Halliburton Co. reported stronger second-quarter results, although it faces costs associated with the oil spill in the Gulf of Mexico. Investors were upbeat about the potential growth in land-based oil services and pushed Halliburton shares up 6.5 percent in afternoon trading. BP shares fell by about 6 percent on worries the capped well at the bottom of the Gulf could be leaking oil.
The economic news yesterday was mixed again. The National Association of Home Builders said its seasonally adjusted housing market index fell to 14 in July, the lowest level since March 2009.
Builders reported a sharp drop in the number of buyers looking for new homes since federal tax credits expired April 30.
The U.S. economic recovery continued during the second quarter of this year with more businesses hiring workers and fewer cutting jobs, but the pace of growth has slowed, according to a survey released yesterday by the National Association for Business Economics.
"Persisting concerns about the economy could result in further position squaring and allow prices to fall again in the direction of US$70," Commerzbank said in a note to investors.
Stocks rebounded yesterday as investors bought selectively following the market's big slide last week. The Dow Jones industrial average rose more than 60 points in late afternoon trading after tumbling 261 on Friday. Broader indexes also gained.
Oil prices wavered in the mid-US$70s last week as investors sought insight into the strength of the global economy from the start of second quarter company results in the U.S.
This week includes earnings reports from several big companies, including International Business Machines Corp. on yesterday, followed by Goldman Sachs Group Inc. the next day. Later in the week come reports from Coca-Cola Co., Amazon.com Inc. and Microsoft Corp.
In other Nymex trading heating oil rose 0.57 cent to settle at US$2.0170 a gallon, gasoline added 1.04 cents to settle at US$2.0772 a gallon and natural gas lost 0.9 cent to settle at US$4.510 per 1,000 cubic feet.
Brent crude was up 25 cents to settle at US$75.62 a barrel on the ICE futures exchange.
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