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Crude oil futures were steady after OPEC decided to keep production levels unchanged, with ministers vowing to press members to implement cuts agreed to since last autumn.
The bad news pouring out of the subprime lending industry has sparked concerns in global equities markets that the burden of bad debts will crimp lending, hurt the already weak U.S. real estate market and thereby slow down the U.S. economy and the consumer.
As we told you, Judy Gold is in 2nd place for "Trading With The Stars." Here's how it was noted on "Morning Call." She's the celeb picker for the show's first hour (see the "mixed emotions" reaction from anchor Mark Haines). Judy's portfolio is valued at $1,004,280.
Bill Seidman, CNBC’s chief commentator, told “Morning Call” that OPEC’s decision to hold production at current levels is good news for the U.S. economy. The Organization of Petroleum Exporting Countries, the source of about a third of the world’s oil, had cut output by 1.7 million barrels a day. OPEC doesn’t plan to meet again until September.
Michael Lynch, president of Strategic Energy & Economic Research, told CNBC’s “Morning Call” that he expects weak demand to cut the price of a barrel of oil to the low $50s by the end of the year. But Kevin Lindemer, executive managing director of Global Energy Services, wasn’t quite so optimistic.
The Organisation of Petroleum Exporting Countries, source of more than a third of the world's oil, has already cut output by 1.7 million barrels a day at its previous two meetings. Prices rose modestly on Wednesday after U.S. inventory data revealed a further fall in U.S. gasoline stocks ahead of the approaching driving season. But gains were limited by a wave of selling across equity markets, where concerns the world economy could be weakening resurfaced after troubles in the U.S. mortgage markets.
Okay--time to look at who's "stock picking" star is shining among our show celebs competing in "Trading With The Stars. CNBC show producers are getting into the act with comments like "Now he's kicking butt" and "Go Tucker Go!" Here's why they're saying that.
CNBC’s Steve Sedgwick reports from Vienna that Iran’s oil minister took a “dovish” stance on production, as a confrontation between the United States and Iran over Tehran’s effort to develop nuclear weapons could create a “supply-side shock” in world oil markets.
Stocks finished higher after a wild trading session that took the Dow briefly below 12,000 and saw major indices reverse deep losses. "The markets have been wanting to go to certain levels and they took it down there and then boom, everyone came in and bought the market and we were off to the races," said Todd Leone, head of listed trading at Cowen.
Oil prices rose above $58 a barrel Wednesday after a U.S. government report showed theseventh consecutive decline in gasoline stockpiles leading into the summer driving season.
Despite the recent market volatility and concerns over the housing market, Americans are still optimistic about the future, according to CNBC’s exclusive Wealth in America poll. Senior economics reporter Steve Liesman appeared on "Power Lunch," with the first look at the results.
ConocoPhillips Chief Executive Jim Mulva said on Wednesday the company expects long-term production growth of more than 3%.
Jerry Taylor, a senior fellow at the Cato Institute, told CNBC’s “Morning Call” that OPEC influences the price of oil, but can't determine it.“Prices are established by global supply and demand,” Taylor said Wednesday. “OPEC does not control global demand and is has a minority control over global supply. It influences prices, perhaps, but it certainly can’t establish prices. All they can affect is how much (member states) produce."
Time to check in on our Trading With The Stars celebs and see where they stand. Overall their approach is a lot more conservative than the majority of our non-celeb leaders - more stable companies and purchases spread across multiple stocks, and it might end up being a race to see who can lose the least.
When the price of gasoline is going up but oil is falling, it’s time to trade the "RBOB Gasoline Crack," according to Eric Bolling, of CNBC’s "Fast Money." ... And following Tuesday’s $2 drop in the price of crude, the Crack is getting wider and wider.
Eugene Peroni, senior manager of equity research at Claymore Advisors, told CNBC’s “Squawk on the Street” that the Dow Jones Industrial Average could fall below 12,000.
Stocks closed down sharply in its second-worst daily decline of the year as the woes in the subprime mortgage market continued to rattle the major markets, particularly financial stocks."I don't this is over," said Patrick Fay, director of equity trading at DA Davidson, in an interview with CNBC.com. "The market has been overdone for a while and it needs a correction."
Despite the market's recent selloff, most investors in a new CNBC poll expect their stock holdings to be higher a year from now though many say not by much.
U.S. crude oil futures ended lower for the fourth day in a row, dragged down by a slide in the equities markets amid worries over the subprime mortgage lending sector, analysts said.
The boards of Statoil and Norsk Hydro signed a final plan Tuesday for a takeover that the companies said will create the world's largest offshore oil company.
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