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Oil unchanged on economic reports
Source: Agencies |
July 27, 2010, Tuesday
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OIL prices settled unchanged after drifting above US$79 a barrel earlier in the session yesterday following a report that sales of new homes jumped last month in the U.S.
Benchmark crude for September delivery settled at US$78.98 on the New York Mercantile Exchange. Oil prices held their ground despite the retreat of Tropical Storm Bonnie as a threat to production and supply in the Gulf of Mexico.
Oil prices are near the 11-week high of US$79.60 a barrel reached on Friday, which has left some analysts scratching their heads.
"Traders and investors continue to like buying oil, for reasons that are not immediately or readily apparent to those steeped in fundamental knowledge," Cameron Hanover said in a note to investors. The energy consultants said some support for oil prices also comes from positive earnings reports.
Stocks rose, with the Dow Jones Industrial Average up about 80 points in late-afternoon trading. The Nasdaq and the S&P 500 also rose. Oil traders often look to equities for signs of overall investor sentiment. On yesterday stocks took their cue from better-than-expected new home sales and a stronger profit outlook from FedEx Corp.
In other Nymex trading, heating oil lost 0.79 cent to settle at US$2.0426 a gallon, gasoline gave up 1.64 cents to settle at US$2.1058 a gallon and natural gas rose 3.2 cents to settle at US$4.612 per 1,000 cubic feet.
In London, Brent crude added 5 cents to settle at US$77.50 a barrel on the ICE Futures exchange.
Benchmark crude for September delivery settled at US$78.98 on the New York Mercantile Exchange. Oil prices held their ground despite the retreat of Tropical Storm Bonnie as a threat to production and supply in the Gulf of Mexico.
Oil prices are near the 11-week high of US$79.60 a barrel reached on Friday, which has left some analysts scratching their heads.
"Traders and investors continue to like buying oil, for reasons that are not immediately or readily apparent to those steeped in fundamental knowledge," Cameron Hanover said in a note to investors. The energy consultants said some support for oil prices also comes from positive earnings reports.
Stocks rose, with the Dow Jones Industrial Average up about 80 points in late-afternoon trading. The Nasdaq and the S&P 500 also rose. Oil traders often look to equities for signs of overall investor sentiment. On yesterday stocks took their cue from better-than-expected new home sales and a stronger profit outlook from FedEx Corp.
In other Nymex trading, heating oil lost 0.79 cent to settle at US$2.0426 a gallon, gasoline gave up 1.64 cents to settle at US$2.1058 a gallon and natural gas rose 3.2 cents to settle at US$4.612 per 1,000 cubic feet.
In London, Brent crude added 5 cents to settle at US$77.50 a barrel on the ICE Futures exchange.
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