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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.
Oil futures spiked above $70 a barrel on Thursday for the first time since Sept. 1 on a government report that showed gasoline inventories dropped unexpectedly as the summer driving season neared its peak.
Crude oil and gasoline prices settled higher on Wednesday after a government inventory report stoked concerns about the nation's gasoline supplies during the summer driving season.
Stock futures point lower this morning after a weak showing in equities markets worldwide. European stocks are trading lower, and Asian markets were mostly down overnight. Volatility will no doubt be the tone of the day, as the Fed starts its two-day meeting. Durable goods fell 2.8%, below expectations. The dollar slid after the report and Treasurys rallied.
Stocks finished lower in a choppy session that was overshadowed by concerns about the housing slowdown and a meltdown in the subprime mortgage industry. "The financials tend to lead the market down and that's what they were doing today," said Robert Albertson, chief strategist at Sandler O'Neill. "I think it goes well beyond subprime. "
U.S. oil giants Exxon Mobil and ConocoPhillips both left huge crude projects in Venezuela's Orinoco Belt after President Hugo Chavez nationalized them as part of his socialist revolution. Venezuela is the fourth biggest supplier of oil to the United States.
Stock futures are perking up this morning after three sessions of selling. Housing starts for May are reported today and there are a few earnings reports to make headlines.
Stocks ended lower as investors were rattled by concerns regarded leveraged mortgage securities held by two Bear Stearns hedge funds. "We will see a splash near term as some of these funds need to unwind positions in paper that really isn't traded too much," said Jack Ablin of Harris Private Bank.
John Kilduff, senior vice president and energy analyst at Man Financial, appeared on CNBC's special "Power Lunch at the Four Seasons" to give his outlook for oil and gasoline -- and to explain why easing tensions in Nigeria haven't made him bearish on either.
On Wall Street, the Berkshire Hathaway chief is a god. But does he still have his mojo after all these years?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.
With the 10-year Treasury yield above 5%, large-cap stocks may provide a haven, but not for long, said Miller Tabak Equity Strategist Peter Boockvar on "Morning Call.""Large-caps, relatively speaking, may be a place to hide, but if the market's going down, everything's going down," Boockvar said.
Oil prices slumped as much as 4% after the threat of further disruptions to Nigerian supplies receded and gasoline futures sold off as U.S. refineries returned to production.
Oil prices fell in light trade Monday, eased by the end of a Nigerian oil workers' strike over the weekend.
Cramer thinks this stock might be a good buy - just not now.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.
Prices for crude oil and gasoline rose on supply concerns ahead of the Memorial Day weekend, the kickoff to the summer driving season. Strikes and violence in Nigeria also propped up the oil market.
Gasoline prices climbed and crude prices fell after another round of outages at U.S. refineries stoked supply concerns ahead of Memorial Day weekend, the unofficial start of the summer driving season.
U.S. oil prices finished just below $66 Wednesday as U.S. warships put on a show of force off Iran's coast, coinciding with a United Nations agency report that said the Islamic republic had expanded its nuclear program.
BP shut down a quarter of its 400,000 barrels-per-day Prudhoe Bay oil field in Alaska after finding a leaky water pipe Monday, a company spokesman said.
U.S. oil fell below $65 as easing concerns that of a potential U.S. gasoline shortfall ahead of peak driving season in the world's top consumer.
U.S. oil surged more than a dollar to its highest settle in three weeks as unrest in Nigeria kept markets on edge for further supply disruptions from Africa's top exporter.