This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Crude Oil Jumps on Israel-Iran Bomb Talk

Energy futures were making strong gains Friday at the New York Mercantile Exchange, stimulated by a report Israel is contemplating military action against Iran, rumors that Saudi Arabia is planning to increase oil production and a weaker U.S. dollar.

West Texas light crude for July delivery was up $3.85 at $135.78 a barrel, and Brent crude was advancing $3.64 at $135.64 a barrel. Reformulated gasoline was ahead by 8 cents at $3.44 a gallon, heating oil was adding 11 cents to $3.83 a gallon, and near-term natural gas was up 26 cents at $13.12 per million British thermal units.

The U.S. dollar was putting on a poor showing, with the euro gaining more than a penny at $1.5650. The U.S. Dollar Index, which measures the value of the dollar against a basket of international currencies, is down 0.74% at 72.95.

Pricier China Fuel, Cheaper U.S. Oil

Traders are also focused on the possible repercussions of this weekend's meeting of members of OPEC. Many industry observers believe that the oil-exporting group will likely announce an increase in crude production at the meeting's end.

At the same time, reports about possible military action against an OPEC state was also contributing to the rise in crude. The New York Times carried an article saying that Israel conducted "a major military exercise" earlier in June that U.S. experts believe had the makings of preparations for an attack on Iran's nuclear facilities.

Meanwhile, energy stocks were mostly lower. BP (BP - Get Report) was down 0.7% at $66.99, ConocoPhillips (COP - Get Report) was 0.5% lower at $93.17, Chevron (CVX - Get Report) was gaining 0.5% at $97.36, and Exxon Mobil (XOM - Get Report) was flat at $85.80.

McCain, Obama Clueless on Oil

The U.S. Oil (USO) ETF, which closely tracks the performance of WTI contracts on the Nymex, was moving 3.1% upward at $110.25.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
USO $19.60 0.41%
XOM $87.82 0.93%
BP $43.47 1.00%
COP $67.75 1.00%
CVX $111.12 1.30%


DOW 18,110.14 +72.17 0.40%
S&P 500 2,114.77 +5.85 0.28%
NASDAQ 5,055.4220 -4.8240 -0.10%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs