Search This Blog

Sunday, July 19, 2009

Oil rises above $64

SINGAPORE (AP) -- Oil prices broke above $64 a barrel Monday in Asia as strong second quarter company results helped boost investor optimism.

Benchmark crude for August delivery was up 52 cents to $64.08 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, the contract jumped $1.54 to settle at $63.56.

Better than expected earnings last week from Goldman Sachs Group Inc., Intel Corp. and JPMorgan Chase & Co. eased some investor doubts about the chances of a U.S. economic recovery this year. Traders will be watching results this week from Apple Inc, Inc. and Microsoft Corp. for further clues about economic growth.

"Sentiment has been helped a great deal by the earnings reports so far," said Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore. "If the remaining reports paint an upbeat picture, that could sustain oil."

Oil has bounced from $58.78 a barrel last week after falling from an eight-month high of $73.23 on June 30.

Investors remain concerned about weak crude demand. Rising inventories of oil products, such as gasoline, suggest the recession has kept some U.S. drivers from hitting the road this summer.

"Weak fundamentals should keep a lid on prices," Shum said. "We have a glut of oil products."

In other Nymex trading, gasoline for August delivery rose 1.43 cents to $1.78 a gallon and heating oil gained 1.50 cents to $1.66. Natural gas for August delivery slid 2.5 cents to $3.64 per 1,000 cubic feet.

In London, Brent prices rose 50 cents to $65.88 a barrel on the ICE Futures exchange.

Source :- Yahoo Finance


Wow.. I just know that oil prices will effect unrelated to oil company such as Apple and Microsoft.. For businessman this is shows that world economy is growing again..


Do you think this post is informative??Share this:
Add to Technorati | Add to|Add to DIGG | Add to StumbleUpon| Add to Facebook

No comments:

Post a Comment

Give such a good comment

A donator of this Blog | Car Blog Info | Distributed by The World's Hardest Game