This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Oil Rises Above $103 Ahead Of Alcoa Results

By PABLO GORONDI

The price of oil climbed to near $104 a barrel Tuesday as the imminent start of the third-quarter U.S. corporate reporting season provided investors with something to focus on other just the budget stalemate in Washington.

By early afternoon in Europe, benchmark crude for November delivery was up 84 cents to $103.87 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 81 cents to close at $103.03 a barrel on the Nymex on Monday.

Oil prices have fallen in the last week after the U.S. government was forced to partially halt operations. The shutdown occurred because Congress could not agree on short-term funding that would have allowed the nation to pay its bills past Sept. 30, the end of the fiscal year. Some 800,000 federal workers were furloughed, although some were called back to their jobs, and many nonessential agencies and services were shuttered.

A deadline is also approaching for raising the nation's borrowing limit. If Congress doesn't raise the limit by Oct. 17, the country could face its first-ever debt default, which experts warn could seriously harm the global economy.

Oil traders have gotten jittery in recent days as the deadline approaches, and crude prices have fallen.

Over the coming days, investors will be monitoring earnings statements from leading U.S. companies.

As is usual, aluminum giant Alcoa kicks off the quarterly earnings season later after Wall Street closes. While Alcoa is no longer listed on the Dow, it is considered a bellwether for commodities. Its results will be watched for signs about global manufacturers' demand for the lightweight metal in a stubbornly slow-growing economy.

New information on U.S. stockpiles of crude and refined products are also on the agenda.

Data for the week ending Oct. 4 is expected to show builds of 2.2 million barrels in crude oil stocks and 1.3 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs