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

Energy Rally Takes a Break

Updated from 11:48 a.m.

Crude oil prices closed lower Tuesday after hitting record highs in the previous four sessions.

The benchmark U.S. crude fell $1.13, or 2.8%, to settle at $40.42 a barrel on the New York Mercantile Exchange, having flirted with $42 Monday, following an explosion that killed the head of Iraq's governing council.

Gasoline futures also lost ground Tuesday, dropping almost 4 cents a gallon, or 2.7%, to $1.38, after setting a new high yesterday.

The latest leg in the energy rally came after the Iraqi official, Izzedine Salim, was killed in a car-bomb attack in Baghdad.

U.S. oil prices last week, closed above $41 a barrel for the first time ever on the New York Mercantile Exchange, surpassing the previous record high set in October 1990 when Iraq occupied Kuwait. Prices have surged in recent weeks on worries about supply following attacks on oil-producing facilities in the Middle East and an increase in seasonal gasoline demand as the peak summer driving period approaches.

The key Organization of Petroleum Exporting Countries producer, Saudi Arabia, has called on its fellow cartel members to increase production about 6% to help prevent any negative impact on world economic growth, but oil traders have shrugged off any possible impact because oil producers are already pumping more than their official quotas.

OPEC meets with representatives of oil-consuming nations later this week in Amsterdam. Industry observers have said the meeting is a largely Saudi-backed initiative.

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $118.67 -0.18%
FB $106.47 0.69%
GOOG $749.40 0.15%
TSLA $224.62 2.90%
YHOO $33.30 1.00%


Chart of I:DJI
DOW 17,834.24 +22.05 0.12%
S&P 500 2,088.16 -0.98 -0.05%
NASDAQ 5,109.3250 +6.5170 0.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs