Oil Update: Crude Retreats After Rally

Crude is slumping today, while oil services announce mixed quarterly results.
Publish date:

Updated with recent settlement and stock movements.



) -- A funny thing happened on the way to $75 per barrel. Oil futures pulled back slightly on Tuesday afternoon, a stutter in an otherwise impressive rally for crude over the past few days.

Benchmark crude for September delivery lost 16 cents to settle at $71.42 per barrel on the New York Mercantile Exchange. Yesterday, the contract tracked up $2.13 to rest at $71.58 following the release of some happy-making manufacturing data from China and the U.S.

But for context on oil's rise of late, oil futures have put on nearly 13% since last Wednesday when the price

settled at $63.35.

Tomorrow, the Department of Energy will release weekly data on crude inventories.

Today, more than a few oil-service providers reported earnings, and the results were mixed. Equipment manufacturer

Cameron International



better-than-expected earnings, while raising full-year guidance. By the afternoon, shares were rising $1.52, or 4.6%, at $34.48.

Contract driller

Rowan Companies


reported a 20% profit drop that still managed to beat expectations. Shares were down $1.00, or 4.5%, at $21.43.

Other drillers including

Diamond Offshore Drilling

(DO) - Get Report


Ensco International




(NE) - Get Report

were all losing 1.1%, 0.8% and 2%, respectively.

Losses were also being felt throughout the energy sector, as major integrated oil stocks were taking a beating.

Exxon Mobil

(XOM) - Get Report



(CVX) - Get Report



(COP) - Get Report

were just in the red, down 0.3%, 0.1% and 0.4%.

Murphy Oil

(MUR) - Get Report

, which will be reporting its earnings tomorrow after the market close, is down 72 cents, or 1.2%, at $58.99.

-- Reported by Sung Moss in New York

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