Investing & Markets

Make better decisions with investing tips, technical analysis, market commentary, and more

Personal Finance

Make more, save more, spend smarter, and keep more of what you earn

Business News

Stock market news & analysis

Natural Resources

Crude Oil Rises From Lowest Level in Six Weeks as Chinese Equities Gain

By Crude Oil Trader on 08/23/2010 – 9:10 am PDTLeave a Comment

Crude oil rebounded from its lowest level in more than six weeks as equity markets advanced, spurring confidence that the economy is improving and fuel demand will recover. Oil rose for the first time in four days as U.S. stocks gained amid speculation takeovers will accelerate, boosting the Standard & Poor’s 500 Index after two weeks of losses. Tropical Storm Danielle may become the Atlantic season’s second hurricane within a day, the National Hurricane Center forecast.

“We’re tracking the equities,” said Gene McGillian, an analyst and broker at Tradition Energy, a procurement adviser in Stamford, Connecticut. “We track the perceptions of how the economy is playing out through the equities and the dollar,” Crude oil for October delivery gained 51 cents, or 0.7 percent, to $74.33 a barrel at 9:54 a.m. on the New York Mercantile Exchange. The price has fallen 6.3 percent this year. The September contract expired at $73.46 on Aug. 20, the lowest closing level since July 6.

The S&P 500 rose 0.9 percent to 1,080.89 after falling to a four-week low last week. The Dow Jones Industrial Average increased 84.54 points, or 0.8 percent, to 10,298.16. “The correlation is still strong with equities and it’s likely to remain so,” said Roland Stenzel, a crude and carbon trader at E&T Energie Handelsgesellschaft mbH in Vienna. “The market continues to fluctuate”…..Read the entire article.

New Video: How to Spot Winning Trades


Tags: , ,

Related Articles:

  1. Crude Oil Rises to Near 12 Week High as Equities Gain on Economic Optimism
  2. Crude Oil Rises as Stocks Climb on Optimism Over Global Economic Recovery
  3. Crude Oil Rises for a Second Day on Signs of Improving Fuel Demand in U.S.
  4. Crude Oil Rises as Dollar Drops on Greece Package, After China Oil Imports Gain
  5. Crude Oil Rises the Most in Five Weeks as Dollar Weakens Against Euro

Leave a comment!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.