• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 17 mins Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 1 hour Why is Strait of Hormuz the World's Most Important Oil Artery
  • 2 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 7 hours Solar Cheaper than Coal
  • 2 hours Struggle For Supremacy: Kremlin Condemns Alleged U.S. Ultimatum To Turkey Over Missile Deal
  • 6 mins California's Oil Industry Collapses Despite Shale Boom
  • 1 hour Another surprise 'build'
  • 3 hours Apple Bid To Buy Tesla in 2013 For $240 a Share
  • 34 mins Global Warming Making The Rich Richer
  • 10 hours Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 4 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 13 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 20 hours IMO2020 To scrub or not to scrub
  • 19 hours Iceland Reducing Gas Stations By Half By 2025
Alt Text

The Fear Factor Is Back For Oil

While fundamentals suggest lower oil…

Alt Text

Bank Of America: $90 Brent May Be Around Corner

Bank of America Merill Lynch…

Alt Text

STEO: Brent To Average $70 This Year

The Energy Information Administration expects…

Darrell Delamaide

Darrell Delamaide

Darrell Delamaide is a writer, editor and journalist with more than 30 years' experience. He is the author of three books and has written for…

More Info

Trending Discussions

Crude Oil Tracks Stocks Upwards to Close Week Above $76 a Barrel

Oil Market Summary for 07/05/2010 to 07/09/2010.

Crude oil futures finished the week on a positive note, tracking stocks upward after hitting the low for a month earlier in the week.

The benchmark West Texas intermediate contract settled Friday at $76.09 a barrel, up 65 cents on the day. On Tuesday, the contract declined for the sixth session in a row, closing at $71.98, its first dip below $72 in a month.

Crude oil finished last week at $72.14 a barrel after falling 8.5% in the course of the week.

The Dow Jones Industrial Average surged above the 10,000-point level again this week, indicating a brighter economic outlook and buoying oil prices. The Dow climbed 511.55 points on the week, or 5.3%, to close Friday at 10,198.03, its strongest weekly increase in a year.

A substantial decline in oil inventories, reported on Thursday in a holiday-shortened week, pushed oil prices up nearly 2% on the day. The U.S. Energy Information Administration reported crude inventories down by 5 million barrels, compared with consensus forecasts of a 1.8 million-barrel decline. A string of weekly increases in oil stocks had been weighing on prices.

The International Monetary Fund on Thursday revised its forecast for global growth this year upwards, to 4.6% from 4.2%, lending further support to oil prices. The rosier forecast came in spite of the fiscal crisis in Greece that has rocked the euro area and unsettled markets.

The IMF said the revision came after “stronger activity” in the first half. The multilateral lending agency left is growth forecast for 2011 unchanged at 4.3%.

Still, analysts were waiting for clearer signals about the future direction of the economy, and are looking now to the beginning of corporate earnings season next week.

The oil inventory decline was attributed in part to delays in imports because of Hurricane Alex, so some analysts predicted an increase in oil stocks next week as the delayed oil is delivered.

Also, a new tropical depression in the Gulf of Mexico that might have nudged oil prices higher with the threat of further disruption to production and shipping failed to develop into tropical storm Bonnie and hit the coast at the Mexican-Texas border, bypassing offshore platforms.

By. Darrell Delamaide for OilPrice.com




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News