Shawshank, VA 8/15/2011 (PennyPayDay) – Oil jumped to the highest level in more than a week alongside a broad rally on Wall Street and a report that Japan's economy contracted less than expected last quarter.Monday's 1.5 percent rise to near $87 per barrel all but erased losses from a roller coaster ride in oil markets last week. The benchmark price tumbled last Tuesday to its lowest level this year, though its current trading range of between $80 and $90 per barrel is still well above last year's average of $79.64 per barrel.
Benchmark West Texas Intermediate crude for September delivery surged $1.44 to $86.82 per barrel in midday trading on the New York Mercantile Exchange. It climbed as high as $87.49 earlier in the day, the highest since Aug. 5.
Brent crude, which is used to price many international oil varieties, added 84 cents at $108.87 per barrel on the ICE Futures exchange in London.
Oil rose after Japan said its economy shrank at an annualized rate of 1.3 percent in the April-June quarter -- about half of what analysts expected. Crude also gained as stock markets rose and the dollar weakened.
"Last week, we saw a market that was really driven by fear," Flynn said. "The data out of Japan shows that the world isn't falling off the map."
In other Nymex trading for September contracts, heating oil added about 3 cents at $2.9314 per gallon and gasoline futures gained 2 cents at $2.8464 per gallon. Natural gas lost 9 cents at $3.973 per 1,000 cubic feet.
PennyPayday Free Stock Quotes and Approach to the Stock Market
PennyPayday focuses on bringing penny stocks and small-cap companies from all exchanges into the spotlight for investors seeking early development opportunities. PennyPayday has quickly become a recognized penny stock site and a top source for investors seeking information and research on today's emerging hot stocks. PennyPayday provides the investing public with stock market daily news, free real-time stock quotes, free stock charts, research for investing, as well as economic stories, videos, and market briefs from a staff of experienced and dedicated financial journalists.
Sign up for our Free Newsletter today, and join the thousands already getting our emails on the hottest stocks to watch.
Disclaimer: Neither www.PennyPayday.com nor its officers, directors, partners, employees or anyone involved in the publication of this website or newsletters is a registered investment adviser or licensed broker-dealer in any jurisdiction whatsoever. PennyPayday may or may not have been compensated by mentioned companies. For full disclaimer/disclosure please read PennyPayday's disclaimer.
No comments:
Post a Comment