Libya, OPEC Remarks Spark Crude Oil Rally
Crude oil was sharply higher in an abnormally volatile session at the New York Mercantile Exchange, fueled by a weaker U.S. dollar and longside-friendly statements coming from Libya and OPEC.
Texas light sweet crude for August delivery was last seen trading $3.16 higher at $137.71 a barrel, and Brent crude was gaining $3.12 at $137.45 a barrel. Reformulated gasoline was 8 cents ahead at $3.47 a gallon, heating oil was adding 11 cents at $3.86 a gallon and natural gas was sliding 6 cents to $12.70 per million British thermal units. The greenback was weaker Thursday, losing nearly a cent against the euro. The U.S. Dollar Index, which measures the value of the dollar against a basket of world currencies, was down 0.5% at 72.55. Also affecting crude markets was a comment made by the head of Libya's national oil company, saying the nation may reduce production rates because the market could have an oversupply. Adding to the upward pressure was a prediction made by the president of OPEC that oil could trade toward $170 a barrel this year. Meanwhile, energy stocks were mixed. ConocoPhillips (COP Quote) was down 0.4% at $93.64, Chevron(CVX Quote) was 0.4% lower at $98.97 and Exxon Mobil (XOM Quote) was flat at $87.59. The U.S. Oil(USO Quote) ETF, which closely tracks the value of WTI contracts on the Nymex, was gaining 3.1% at $111.82.- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,286.49 | 1,098.89 | 2,165.25 | 34.74 |
Oil *
78.08
|
|
UP
39.52
|
UP
5.88
|
UP
14.17
|
DOWN
0.08
|
10 Yr
3.47%
SPDR Gold
109.37
|
|
+0.39%
|
+0.54%
|
+0.66%
|
-0.23%
|
Data delayed 20 minutes |














