U.S. stocks opened higher Tuesday, led by energy as supply disruptions boosted oil prices.
Oil advanced for a fourth day on Monday, supported by an escalating row between OPEC member Venezuela and oil major Exxon Mobil.
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Oil held steady over $95 a barrel Friday after a series of bleak reports hit the economic outlook for top energy consumer the United States, helping erase earlier gains on supply concerns.
An escalating battle with Exxon highlights the growing rift between the U.S. and Venezuela, which is likely to continue even after President Bush leaves the White House.
Will stocks get a Bernanke bounce? That's certainly what some traders are hoping for ahead of Fed Chairman Ben Bernake's testimony before the Senate Banking committee Thursday. But of course, there's always the chance his comments could bring on a Valentine's Day massacre.
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Blue chips finished higher for a third straight session after an unexpected increase in January retail sales. Technology stocks rallied after chip-equipment maker Applied Materials beat earnings forecasts.
Venezuela's state-owned oil company PDSVA says it's cutting off supplies to ExxonMobil. Most traders I talk to think it's all talk from President Hugo Chavez while he tries to save face as the legal battle between his country and the oil giant has gone Exxon's favor so far.
With more of the world's most valuable natural resources under the control of national governments, Exxon likely believes it has no other choice than to stand firm in its escalating battle with Venezuela.
U.S. stocks advanced Wednesday after an unexpected rise in January retail sales.
Venezuela needs US refineries as much as we need the oil.The bulk of Venezuelan oil into Exxon's U.S. operations goes into its joint venture in Louisiana. Venezuela supplied about 78,000 bpd into the Chalmette refinery in Louisiana last year, according to energy analyst Andy Lipow in Houston.
Venezuelan President Hugo Chavez stopped oil exports to Exxon Mobil on Tuesday, escalating a multibillion-dollar fight with the U.S. company two days after threatening to cut off all supplies to America.
World oil demand will grow less quickly than expected this year because of slower economic growth in the United States, the International Energy Agency said on Wednesday.
French oil giant Total posted a forecast-beating 14 percent rise in fourth-quarter adjusted net profit on Wednesday, saying record oil prices and slightly higher production offset increased exploration costs.
A key piece of economic data, some big earnings reports and a testy fight between Exxon Mobil and Venezuela may influence markets Wednesday.
In Tuesday’s Web Extra find out what the traders think of Chavez and his decision to suspend exports to Exxon Mobil. Will it drive up the price of crude?
Venezuela's state oil company PDVSA has suspended oil exports to Exxon Mobil in retaliation for the freezing of billions of dollars of Venezuelan assets in a legal fight with the U.S. oil giant.
Oil closed under $93 per barrel on Tuesday, easing off the day's climb after Venezuela repeated its threat to stop exports to the United States, the world's top consumer.
Venezuela softened its tone on Tuesday over a threat to stop oil sales to America, with a top official saying a supply cut would be undesirable a day after world oil prices rose due to President Hugo Chavez's warning.