TRIPOLI, March 11- Libya's parliament voted Prime Minister Ali Zeidan out of office on Tuesday after rebels humiliated the government by loading crude on a tanker that fled from naval forces, officials said, in a sign of the worsening chaos in the OPEC member state.» Read More
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Oil surged to an 11-month high above $76 a barrel on Friday, closing in on the all-time record as Nigerian disruptions and OPEC output cuts stirred supply concerns amid rising U.S. refinery demand stirred.
Jobs data will drive direction on what would otherwise be a quiet summer Friday. For now, Wall Street looks firmly higher and world stock markets are mostly in positive territory. China's Shanghai index bounced back after a 5.5% decline yesterday.
Stocks closed mixed as investors were encouraged by a strong batch of merger news but gains were held in check by rising interest rates. "The key for the market right now is the ability to digest the fact that the 10-year has moved out of that range that we've enjoyed between 4.5% and 5%," said Russ Koesterich, head of investment strategy at Barclays Global Investors.
Oil and gasoline prices advanced Thursday after seesawing on a government report that surprised traders with bearish inventory data and bullish refinery utilization rates.
A German court on Thursday rejected a lawsuit by Moncrief Oil International that sought to void a joint venture between BASF and Gazprom to develop a Siberian gas field.
European stock markets were slightly higher Wednesday, following a lackluster session in Asia.
Oil set a 10-month high above $73 a barrel on Wednesday, supported by low U.S. fuel inventories and expectations of strong gasoline demand in the world's top consumer.
What’s the impact of growing competition for energy resources and markets on global politics at a time of high prices? That was one of the main questions at this year’s “East Meets West” conference, just concluded, in Istanbul, Turkey.
Airline stocks may be taking off -- despite such seeming drags as soaring fuel prices and bankruptcies. Andrew Wilkinson, senior market analyst at Interactive Brokers, told "Power Lunch" viewers why he sees a renaissance in passenger carrier shares.
Stocks ended a holiday-shortened session with modest gains following mixed economic data and crude oil prices that stretched above $71. "The two days before the July 4 holiday are usually good for the market," said Michael Sheldon, chief market strategist at Spencer Clarke. "There are some headwinds, but overall the atmosphere is generally positive for the second half."
Oil retreated on Tuesday after hitting a 10-month high the previous session, but analysts predicted increasing crude oil demand from U.S. refiners and technical factors would soon push prices higher.
ConocoPhillips expects its second-quarter production fell from-first quarter levels due to scheduled maintenance in the North Sea, exiting from operations in Dubai, asset sales and seasonality dips in Alaska, the third-largest oil and gas company said Tuesday.
Stocks closed higher on Monday and Wall Street kicked off the third quarter with triple-digit gains in the Dow as interest rates continued to slide. "It's largely in reaction to the yield on the 10-year coming back under 5%," said Dan McMahon, head of listed trading at CIBC World Markets. "It's a positive development for stocks."
Oil steadied near $71 a barrel on Monday, underpinned by falling gasoline inventories in the U.S. and expectations for a recovery in refinery use.
Dominion Resources said Monday it would sell its Mid-Continent natural gas assets to Linn Energy for $2.05 billion, part of its bid to focus more on its power business.
Russian president Vladimir Putin wants to redirect nuclear missiles toward western Europe, and that will affect investors in the domestic Russian market, according to one portfolio manager. "That's a sign of their [Russia's] inexperience and their poor handling of this public relations challenge, and it definitely does increase political risk," said John Connor, portfolio manager at Third Millennium Russia Fund. "The stock market has indicated that."
Kevin Divney, chief investment officer and portfolio manager for Putnam New Opportunities Fund, told CNBC’s “Squawk on the Street” that he believes there will be some second-quarter earnings surprises.
A decade on from Asia's financial crisis, the oil market has witnessed an unprecedented bull run. The surge in prices has seemed unsustainable with some commentators likening the jump to the dot com tech bubble. However, this particular bubble in the commodities market shows no signs of bursting as long as the twin powerhouses in the region -- China and India -- continue to grow.
Ten years removed from the Asian financial crisis of 1997 the countries which were most affected by the event have rebounded and then some, and market pros say the risk of similar events in the future have decreased now and emerging markets continue to look like a good long-term bet.