• 680 days Will The ECB Continue To Hike Rates?
  • 681 days Forbes: Aramco Remains Largest Company In The Middle East
  • 682 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,082 days Could Crypto Overtake Traditional Investment?
  • 1,087 days Americans Still Quitting Jobs At Record Pace
  • 1,089 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,092 days Is The Dollar Too Strong?
  • 1,092 days Big Tech Disappoints Investors on Earnings Calls
  • 1,093 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,095 days China Is Quietly Trying To Distance Itself From Russia
  • 1,095 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,099 days Crypto Investors Won Big In 2021
  • 1,099 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,100 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,102 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,103 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,106 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,107 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,107 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,109 days Are NFTs About To Take Over Gaming?
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Markets
  3. Other

Crude Oil Tracks Stocks Upwards to Close Week Above $76 a Barrel

Oil Market Summary for 07/05/2010 to 07/09/2010

Crude oil futures finished the week on a positive note, tracking stocks upward after hitting the low for a month earlier in the week.

The benchmark West Texas intermediate contract settled Friday at $76.09 a barrel, up 65 cents on the day. On Tuesday, the contract declined for the sixth session in a row, closing at $71.98, its first dip below $72 in a month.

Crude oil finished last week at $72.14 a barrel after falling 8.5% in the course of the week.

The Dow Jones Industrial Average surged above the 10,000-point level again this week, indicating a brighter economic outlook and buoying oil prices. The Dow climbed 511.55 points on the week, or 5.3%, to close Friday at 10,198.03, its strongest weekly increase in a year.

A substantial decline in oil inventories, reported on Thursday in a holiday-shortened week, pushed oil prices up nearly 2% on the day. The U.S. Energy Information Administration reported crude inventories down by 5 million barrels, compared with consensus forecasts of a 1.8 million-barrel decline. A string of weekly increases in oil stocks had been weighing on prices.

The International Monetary Fund on Thursday revised its forecast for global growth this year upwards, to 4.6% from 4.2%, lending further support to oil prices. The rosier forecast came in spite of the fiscal crisis in Greece that has rocked the euro area and unsettled markets.

The IMF said the revision came after "stronger activity" in the first half. The multilateral lending agency left is growth forecast for 2011 unchanged at 4.3%.

Still, analysts were waiting for clearer signals about the future direction of the economy, and are looking now to the beginning of corporate earnings season next week.

The oil inventory decline was attributed in part to delays in imports because of Hurricane Alex, so some analysts predicted an increase in oil stocks next week as the delayed oil is delivered.

Also, a new tropical depression in the Gulf of Mexico that might have nudged oil prices higher with the threat of further disruption to production and shipping failed to develop into tropical storm Bonnie and hit the coast at the Mexican-Texas border, bypassing offshore platforms.

Source: http://oilprice.com/Energy/Oil-Prices/Crude-Oil-Tracks-Stocks-Upwards-to-Close-Week-Above-$76-a-Barrel.html

By Darrell Delamaide for Oilprice.com who offer detailed analysis on Oil, alternative Energy, Commodities, Finance and Geopolitics. They also provide free Geopolitical intelligence to help investors gain a greater understanding of world events and the impact they have on certain regions and sectors. Visit: http://www.oilprice.com

 

Back to homepage

Leave a comment

Leave a comment