Bloomberg reports that Oil rose from the lowest level in a week after the U.S. economy grew more than previously estimated in the third quarter.
Articles Tagged "declines"
Bloomberg reports that Oil rose, rebounding from a four- week low.
Its a top oil firm after the $23-billion deal and is soon expected to be a must-have stock. Suncor Energy Inc, newly bulked up from its C$22.5 billion (US$ 20.8 billion) acquisition of Petro-Canada, would likely be the No. 2 issue on the Toronto Stock Exchange's (TSX) benchmark index GSPTSE, with a market cap close to C$55 billion. Suncor is set to be Canada's biggest energy company and largest industrial concern. The beefed-up firm is likely to see early demand for its shares from index funds. It is also set to attract big investors that need substantial holdings in large, liquid stock issues.
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
The oil services sector declined on Monday as oil prices plunged on increasing doubts that energy demand will recover amid a battered economy and as rig counts continued to tumble. For full story, click here
Oil futures declined US$4.61, or 10.3%, to settle at US$40.15 a barrel, the biggest one-day drop since Jan. 7. Prices are down 11% so far this year. For full story, click here
U.S. crude oil futures declined 4 percent, sliding with Wall Street on concerns about the economy amid uncertainty about government steps to protect ailing banks. Phil Flynn, analyst at Alaron Trading in Chicago, said: The fall in stock prices (on Wall Street) is pulling crude futures down, but the earlier Petrologistics report on OPEC’s lower production [...]