Date: Friday 23 Jul 2010
Tropical storms and hopes that a largely positive earnings season will drive demand for energy had oil prices soaring almost 4% Thursday.
Crude oil for September delivery rose $2.74, or 3.6%, to $79.30 a barrel on the New York Mercantile Exchange, near its highest level in a month.
Wall Street jumped over 200 points as Caterpillar, Ebay and a handful of banks reported strong second quarter results. Microsoft delivered good numbers after the close.
Meanwhile, possible shutdowns in the Gulf of Mexico due to a nearby tropical depression also helped prices. Workers have already stopped drilling BP’s relief well in the Gulf.
The National Hurricane Center says there’s a "near 100%" certainty that a cyclone will form over the Bahamas, although the path of the storm is not yet known.
It’s thought work could be held up for two weeks due to the slow-moving nature of the vessels and equipment in the area.
On the metals market, gold was aided by bargain hunters after falling to an intraday low of $1,180.70 an ounce.
The August contract eventually recovered to add $3.80 to $1,195.60 in New York
Crude oil for September delivery rose $2.74, or 3.6%, to $79.30 a barrel on the New York Mercantile Exchange, near its highest level in a month.
Wall Street jumped over 200 points as Caterpillar, Ebay and a handful of banks reported strong second quarter results. Microsoft delivered good numbers after the close.
Meanwhile, possible shutdowns in the Gulf of Mexico due to a nearby tropical depression also helped prices. Workers have already stopped drilling BP’s relief well in the Gulf.
The National Hurricane Center says there’s a "near 100%" certainty that a cyclone will form over the Bahamas, although the path of the storm is not yet known.
It’s thought work could be held up for two weeks due to the slow-moving nature of the vessels and equipment in the area.
On the metals market, gold was aided by bargain hunters after falling to an intraday low of $1,180.70 an ounce.
The August contract eventually recovered to add $3.80 to $1,195.60 in New York
Gold has closed below $1,200 for five sessions in a row on inflation fears and a predicted increase in production due to the historically high prices.
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