LONDON, April 17- Combined production of crude oil, gas and condensates in the United States is on course to a hit a record this year, passing the previous peak set in 1972.. The rise in output has confounded the famous forecast made by Shell geologist M King Hubbert who predicted that U.S. oil and gas production would peak in the 1970 s and then decline.» Read More
Stocks closed higher as investors were encouraged by healthy merger activity and encouraging news for the worrisome subprime mortgage market. "There was concern today that there would be selling follow-through, but the markets are hoping earnings will propel things higher," said Peter Dunay, investment strategist at Leeb Capital Management.
Oil eased on Wednesday, after an unexpected drawdown in crude oil inventories in top consumer the United States helped the market pare earlier losses.
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Stocks closed with losses of more than 1% after investors were spooked by earnings warnings from two major retailers amid persistent concerns regarding the housing market and subprime mortgages. "Home Depot's cautious comments set the negative tone," said Dan McMahon, head of listed trading at CIBC World Markets.
Chevron's production for the first two months of the second quarter rose slightly from first-quarter levels, the second-largest U.S. oil company said after markets closed Tuesday.
U.S. oil rose above $72 on Tuesday, and London Brent hit another 11-month high above $76, the 10th straight day of gains that have lifted crude by $6 to within striking distance of its record.
Stocks in Argentina, Brazil, Columbia and Mexico are posting big gains.
Stephen Schork, editor, The Schork Report, told CNBC’s “Morning Call” that limited refinery capacity -- not short supplies of crude oil -- are driving gasoline prices higher. “The market is not concerned about the future availability of crude oil,” Schork said Tuesday. “What they are concerned about is the future availability of gasoline and distillate, because our refineries have not been running at full tilt.”
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Stocks ended higher on Monday, but gains were held in check as investors awaited the start of the second-quarter earnings season. "We're getting into earnings season, and what we've seen so far is good, so we think there is going to be an upward bias," said Joe Ranieri, head of NASDAQ trading at Canaccord Adams. "It's good but scary."
U.S. oil eased on Monday, while London Brent rose to an 11-month high above $76 a barrel, as rising global oil demand and North Sea field maintenance exacerbated supply worries.
Will oil slump to $60 a barrel or soar to above $80? Barring any unforeseen geopolitical events, Stanford Group Energy analyst picks $60.
Stocks posted the best weekly gains in three weeks, closing Friday near the best levels of the day as new economic data showed moderate jobs growth, easing worries of a slowing economy. "The jobs number was pretty decent, it was probably as good as we could have expected," said Charles Rotblut, market analyst at Zacks.com.
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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.
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