Crude oil rises past US$72 a barrel
Crude oil gained impetus from the equity and forex markets to rise above $72 reached in yesterday's trade, as better than expected US Manufacturing data pushed American markets higher. Combined with the continually weak dollar, the Crude Oil price was buoyant, shrugging off mixed inventory data from the US Energy Department.
Headline crude inventories fell last week, however gasoline and distillate stockpiles continued to increase. American distillate stockpiles are now the highest they have been since 1983. The oil market is becoming increasingly focused on the supply side fundamentals, however, some analysts still believe there is potential for more upside in oil should the equity markets continue to extend the summers gains.
This morning has seen Crude maintain yesterday's range, with the December West Texas Intermediary (WTI) October contract holding the $72.50 level.
In New York Oil equities are relatively unchanged as investors evaluate the uncertain market conditions. Dow Jones constituent Exxon Mobil (NYSE:XOM) opened lower and continues to trade below Wednesday's close, falling 30c to trade at $70.02, Chevron (NYSE:CVX) was positive earlier this morning, however, currently trading fractionally lower at $72.30.
NYSE listed Murphy Oil Corp (NYSE:MUR) is relatively unchanged, falling a third of a percent dropping 19c, Canadian based multinational operator EnCana (NYSE:ECA & TSX:ECA) dropped almost 1%, losing $50c in New York.
Meanwhile ConoccoPhillips (NYSE:COP) traded in a 1% range between $46.50 and $47.04 and are currently even on the day at $46.77, Total S.A (NYSE:TOT) rounds up Thursday's fairly indifferent sector falling just 7c at 11:00am on the New York Stock Exchange.
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