Crude Staying Above $73: Oil Alert

NEW YORK (TheStreet) -- A weakening dollar and a good showing on the equity indexes prodded oil futures above $73 in the afternoon.

The benchmark NYMEX crude contract for November delivery was adding $1.53 at $73.30 per barrel, continuing a rise that saw the front-month contract add 2.6% last week.

Meanwhile, energy sector equities are soaring on the day. As the Dow Jones Industrial Average was rising higher by 45 points to 9910 in the afternoon, its integrated oil components, too, were adding to their Friday closing values. Exxon Mobil(XOM Quote) and Chevron(CVX Quote) shares were bidding higher, adding $1.07, or 1.5%, at $70.34 and $1.14, or 1.6%, at $73.90, respectively.

Weak Dollar Winners

Earlier, a Wall Street Journal report said Chinese-energy giant CNOOC(CEO Quote) is in talks to bid for a stake in an offshore oil field in West Africa with Ghana National Petroleum, rivaling Exxon Mobil's earlier reported $4 billion offer.

Elsewhere, ConocoPhillips(COP Quote) was adding 1.7% in the afternoon, alongside Marathon Oil(MRO Quote), which was higher by 1.8%.

-- Written by Sung Moss in New York

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