washingtonpost.com - industries
NEW YORK (Reuters) - Stocks edged higher on Thursday as shares of Exxon Mobil (XOM.N) and other energy companies rose on supply concerns, offsetting worries about the economy and a pullback in bank stocks.
Shanghai Daily: Business - shanghaidaily.com
OIL'S rise to US$100 a barrel, which seemed a done deal as recently as two days ago, was dealt a severe blow yesterday when the US government reported an increase in stocks at the Nymex delivery terminal in Cushing, Oklahoma, which is closely watched by traders as a benchmark of oil inventory tightness. Anemic growth in demand and a jump in refinery activity also weighed on prices, which have dropped sharply in recent days on concerns about the economy and expectations supplies will grow. "The report ... added to the bearish sentiment in the market," said Eric Wittenauer, an energy analyst at A.G. Edwards & Sons Inc in St. Louis. "It comes at a period in time when OPEC is boosting production ... and considering another increase in production." Light, sweet crude for January delivery plunged US$3.80 to settle at US$90.62 a barrel on the New York Mercantile Exchange following Tuesday's drop of US$3.28 a barrel. That was crude's second largest two-day