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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.
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.
Oil prices jumped on Wednesday after U.S. government data showed a draw in crude inventories as refiners' utilization increased.
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.
BP's new Chief Executive Tony Hayward pledged to turn around Europe's second-largest fully-listed oil company on Tuesday as a drop in second-quarter profits highlighted its industry-lagging performance.
Second-quarter earnings are mostly beating expectations so far, and much of that gain can be tied to growth overseas. For that reason, many analysts believe investors should be looking at big multinational companies with strong foreign business.
The market is too precarious for short-term speculation right now. Cramer's strategy: Take profits. Don't get greedy - get rich.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.
Oil on Friday was supported by "concern" that rising demand will strain supplies already thinned by U.S. refinery glitches and output disruptions in Africa. U.S. light, sweet crude for August, which expires at the end of New York trading on Friday, dropped 7 cents to $75.85.
Earnings misses by tech darling Google and Caterpillar, one of the Dow's power drivers, are adding to a wobbly opening on Wall Street. Citigroup though is a bright spot with a better than expected 18 percent profit gain and record revenues from investment banking and overseas business.
Gas prices fell more than a cent overnight, and gas and oil futures closed mixed as investors tried to decipher a confusing picture of domestic gasoline production. Oil briefly hit $76 a barrel for the first time in 11 months.
Oil jumped by as much as $1.01 on Wednesday midafternoon, briefly topping $75 per barrel. The upward movement followed a steep drop in U.S. gasoline stocks -- which fanned concerns that the world's top consumer could face a shortfall during the peak summer driving season.
New York State Attorney General Andrew Cuomo filed a lawsuit against ExxonMobil to force the cleanup of a decades-old oil spill in New York City.
Oil fell Tuesday on easing gasoline supply concerns during the peak demand season in the U.S., the world's top oil consumer. U.S. light sweet crude briefly topped $75, then slid to as low as $74.04 by mid-afternoon Tuesday, a day ahead of key U.S. oil data, before climbing again.
Venezuela will buy back debt as part of a general policy of reducing its debt-servicing payments but, for now, will hold off on announcing details of its plan, the OPEC nation's economy minister said on Tuesday.
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Oil eased on Wednesday, after an unexpected drawdown in crude oil inventories in top consumer the United States helped the market pare earlier losses.
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.