oil prices

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The stock market is on a tear, fueled higher by better than expected corporate earnings. So says Phil Flynn of PFG Best Research who stated: “There is no doubt that the stock market led the oil market higher.”

It stands to reason. When the economy does better, there is more demand for oil. The August contract was up $2.20 to $77.15, up form $74.25. London Brent crude was up $2.28 to $76.85

Continue reading Oil jumps to $77 Per Barrel Fueled By Stock Rally

Oil jumps to $77 Per Barrel Fueled By Stock Rally originally appeared on BloggingStocks on Tue, 13 Jul 2010 18:30:00 EST. Please see our terms for use of feeds.

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Brent CrudeStock marketBusinessInvestingStocks and Bonds

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rising oil pricesOil prices have been steadily falling over the past 3 weeks, but broke through the psychological $75 barrier today as the Energy Department announced a drop in inventories last week.

Going into today’s inventory report, analysts had been expecting to see oil inventories drop by 2 million barrels, but the impact that Hurricane Alex on operations in the Gulf was greater than expected and supplies actually shrank by 4.96 million barrels.

Continue reading Oil Trades Higher As Inventories Shrink

Oil Trades Higher As Inventories Shrink originally appeared on BloggingStocks on Thu, 08 Jul 2010 16:40:00 EST. Please see our terms for use of feeds.

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falling oil pricesOil prices have been falling recently, and they continued to fall Wednesday, resulting in oil having its first losing quarter since the end of 2008.

Oil prices have dropped by 9.7% since the end of the first quarter on growing concerns over the global economy and due to lackluster summer demand.

On Tuesday, the big news was that China was growing slower than previously expected. On Wednesday, we had two pieces of news affecting oil prices: oil inventories and a weak jobs report.

Continue reading Oil’s First Losing Quarter Since 2008

Oil’s First Losing Quarter Since 2008 originally appeared on BloggingStocks on Thu, 01 Jul 2010 08:00:00 EST. Please see our terms for use of feeds.

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The oil market’s bears regained control Tuesday, but as they say in the oil trading pits, ‘for now,’ or ’stay tuned.’

Oil plunged $2.54 to $75.54 per barrel Tuesday afternoon, as the threat from Tropical Storm Alex to the Gulf of Mexico’s energy infrastructure waned and after U.S. consumer confidence plunged on the job market’s woes, Reuters reported Tuesday.

Today’s data points support the oil bears argument that the economic recovery is underway but may slow, limiting oil demand growth, and when combined with ample supplies, will lead to a lower oil price, moving forward.

Continue reading Oil Drops to $75 on Plunging U.S. Consumer Confidence

Oil Drops to $75 on Plunging U.S. Consumer Confidence originally appeared on BloggingStocks on Tue, 29 Jun 2010 17:30:00 EST. Please see our terms for use of feeds.

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