SINGAPORE, Dec 10- Brent crude rose toward $110 a barrel on Tuesday, recouping some of the previous session's sharp losses, as data from China reaffirmed signs of stabilising growth and fuel demand in the world's second-largest oil consumer.» Read More
Oil jumped more than 2 percent to its second highest settlement on record on Friday as supply concerns and signs of U.S. economic growth helped counter worries about falling stock markets.
Chevron posted a better-than-expected 24 percent rise in quarterly earnings Friday on higher profits from its refineries and a gain from the sale of its stake in power company Dynegy.
Volatility in in the air this morning, signaling another up and down day for Wall Street.Asian markets took a beating overnight after the big drop in U.S. stocks yesterday. Japan was off 2.4% and Korea fell 4%, its worse decline in three years. European markets were able to stem the wave of global selling in equities for a while but rolled over as U.S. futures slid. Some markets there are now moving higher.
Stocks closed sharply lower and the Dow saw its biggest decline since the market meltdown in late February as disappointing news from the housing industry renewed concerns about credit markets and the U.S. economy. "This is just one more of the period panics that we've had in the last six months," said Barton Biggs, managing partner at Traxis Partners. "The puncture of the debt bubble is a positive development and restores some kind of sanity to the debt market."
Exxon Mobil posted a 1% drop in quarterly earnings on Thursday, missing expectations, as weaker natural gas prices and production offset higher margins from production of gasoline and chemicals.
Oil prices fell on Thursday as a sharp drop in the U.S. stock market spurred concerns about crude demand growth, reversing an earlier rally.
Credit worries and bad news from home builders trumped any positives from the stream of earnings being reported this morning. Wall Street is set up for a steep drop on the opening and the talk in the market focuses on whether the takeover boom is ending.
Royal Dutch Shell bucked an industry-wide trend of falling earnings on Thursday, posting a 20% rise in second-quarter profits to $7.556 billion, as fat refining margins helped outweigh lower output.
Spanish-Argentine oil major Repsol said Thursday first-half net profit fell 4.3%, hurt by higher exploration costs and a lower hydrocarbon output.
Italian oil and natural gas company Eni said Thursday second-quarter net profit fell 1.5 percent due to an increase in exploration costs and warm weather cutting into demand at its gas and power division.
Stocks closed higher as better-than-expected earnings offset credit worries. "We do see volatility pick up in earnings season, but other reasons are the subprime concerns, the housing market concerns, as well as the corporate debt concerns," said Sean Clark of Clark Capital Management.
Oil prices jumped on Wednesday after U.S. government data showed a draw in crude inventories as refiners' utilization increased.
Strong earnings news is helping push credit market fears back into the shadows this morning, and stocks are poised to spring higher at the opening. Some Asian markets sold off after yesterday's bad day on Wall Street and Europe is mostly lower.
Stocks ended sharply lower on several disappointing earnings reports and concerns about the housing industry. "The housing story has gone from bad to worse. It's pretty clear that the subprime market is not as well contained as a lot of people had been thinking," said David Rosenberg, North American economist at Merrill Lynch.
Oil rose Tuesday afternoon to well over $73 per barrel -- after sinking more than $1 below $73 a barrel earlier in the day. The slide was attributed to further assurances from OPEC that it would pump more crude if needed, as well as expectations of higher U.S. fuel stockpiles.
Today on Capitol Hill, GM will renew the auto industry's push to convince lawmakers that fuel efficient vehicles are on the way. Problem is, it may do little to slow down the CAFE express in congress. For years, the auto lobby was the strongest in D.C. and, for the most part, effectively limited Congress from passing aggressive fuel efficiency standards. But this time around, Congress, fueled by the impact of high gas prices, isn't going along for the ride.
Wall Street is heading for a lower opening as some weak earnings and credit market jitters outweigh positive profit reports from companies like Pepsico and Lockheed-Martin. European markets are moving lower after overnight gains in Tokyo and Hong Kong shares.
Stocks ended with solid gains on Monday as investors were encouraged by solid earnings reports and the return of brisk mergers and acquisitions activity. "We definitely had a lot of good news today," said Charles Rotblut, senior market analyst at Zacks.com. "I think we definitely could see the Dow at new highs before the week is over."
Oil fell below the $75-per-barrel mark on Monday, as some funds booked profits after OPEC expressed concern over near-record prices -- and pledged to pump more crude if needed.
Everybody wants oil. And if you don’t want Europe, you’ve got your head on backwards, Cramer said. This stock covers both.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.