Crude Hanging Near $70: Oil Alert

NEW YORK (TheStreet) -- A day after slumping equities and fears about an economic recovery, or lack thereof, in China sparked broad concerns and slumping crude prices, oil futures seesawed around $70 early Tuesday.

During the electronic session, the New York Mercantile Exchange's front-month contract for benchmark crude was trading at $69.58 a barrel, down 38 cents. The contract for October delivery went as high as $70.64 earlier Tuesday. But those moves come after a $2.78 price plunge Monday which found the contract settling at $69.96.

Of course, the oil watching world will turn its gaze again to two weekly inventory reports due out Tuesday and Wednesday. The industry's own American Petroleum Institute will release its stockpile numbers after the market closes Tuesday, while the Energy Department will put out its inventory data Wednesday morning.

Major oil stocks had a rough go of it Monday as well. Exxon Mobil(XOM Quote) shares lost 97 cents to close at $69.15. In premarket activity Tuesday, however, those same shares were climbing into positive territory, adding back 10 cents in the early round.

Chevron(CVX Quote), ConocoPhillips(COP Quote) and Marathon Oil(MRO Quote) each slid, losing 1.1%, 1.5% and 2%, respectively, on Monday.

Over on the services side, BJ Services(BJS Quote) added 63 cents, or 4.1%, to close at $16.06 after news swirled of Baker Hughes's(BHI Quote) plan to buy BJ Services for $5.5 billion. Baker Hughes shares lost 9.6% by the market close Monday.

-- Written by Sung Moss in New York

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