OIL STOCKS RECAP OCTOBER 9
Oil Rises Above $61 As Output Cut Deal Looms
LONDON: Oil rose to above $61 a barrel yesterday as Opec moved closer to cementing a deal to cut output by one million barrels per day and after North Korea said it had conducted its first nuclear test.
US crude rose $1.35 to $61.11 a barrel by 1715 GMT, after losing 27 cents on Friday. London Brent crude gained $1.64 cents to $61.47.
"Opec is the main driver. If you are bullish on Opec, then North Korea just adds to the bullish atmosphere," said analyst Olivier Jakob of Petromatrix.
Ministers of the Organisation of Petroleum Exporting Countries are agreed on the need to trim its official output ceiling of 28m bpd, a third of the world's oil, but are still divided over whether they need to meet to formalise a deal, delegates said.
Dow Ends Up 8, Nasdaq Gains 12
Wall Street had opened the session lower after North Korea announced it had set off an atomic weapon underground. Reports that OPEC was near announcing its first output cut in two years sent oil prices higher. But stock prices turned mixed by midday and were higher by early afternoon.
"We are heartened by the fact the market seems to be shrugging off a major geopolitical event," said Jim Russell, director of core equity strategy for Fifth-Third Asset Management in Cincinnati, which manages $22 billion.
Amsterdam shares close slightly higher, buoyed by oil stocks - UPDATE
Shares in Amsterdam closed slightly higher, with higher oil stocks preventing the index from falling due to political fall-out over North Korea's nuclear test, dealers said.
The AEX closed 1.01 points or 0.21 pct higher at 487.22 after trading in a range of 484.08-487.23.
Government bonds traded lower while the euro stood at 1.2599 usd, little changed from 1.2597 late Friday.
Sentiment was down due to North Korea's test of a nuclear weapon, but oil prices rose, boosting oil related shares such as SBM Offshore and Royal Dutch Shell with high trading volumes.
SBM Offshore rose 1.57 pct to 21.93 eur and Royal Dutch Shell gained 0.23 pct to 25.68 eur, down from earlier highs.
Oil Rises Above $61 As Output Cut Deal Looms
LONDON: Oil rose to above $61 a barrel yesterday as Opec moved closer to cementing a deal to cut output by one million barrels per day and after North Korea said it had conducted its first nuclear test.
US crude rose $1.35 to $61.11 a barrel by 1715 GMT, after losing 27 cents on Friday. London Brent crude gained $1.64 cents to $61.47.
"Opec is the main driver. If you are bullish on Opec, then North Korea just adds to the bullish atmosphere," said analyst Olivier Jakob of Petromatrix.
Ministers of the Organisation of Petroleum Exporting Countries are agreed on the need to trim its official output ceiling of 28m bpd, a third of the world's oil, but are still divided over whether they need to meet to formalise a deal, delegates said.
Dow Ends Up 8, Nasdaq Gains 12
Wall Street had opened the session lower after North Korea announced it had set off an atomic weapon underground. Reports that OPEC was near announcing its first output cut in two years sent oil prices higher. But stock prices turned mixed by midday and were higher by early afternoon.
"We are heartened by the fact the market seems to be shrugging off a major geopolitical event," said Jim Russell, director of core equity strategy for Fifth-Third Asset Management in Cincinnati, which manages $22 billion.
Amsterdam shares close slightly higher, buoyed by oil stocks - UPDATE
Shares in Amsterdam closed slightly higher, with higher oil stocks preventing the index from falling due to political fall-out over North Korea's nuclear test, dealers said.
The AEX closed 1.01 points or 0.21 pct higher at 487.22 after trading in a range of 484.08-487.23.
Government bonds traded lower while the euro stood at 1.2599 usd, little changed from 1.2597 late Friday.
Sentiment was down due to North Korea's test of a nuclear weapon, but oil prices rose, boosting oil related shares such as SBM Offshore and Royal Dutch Shell with high trading volumes.
SBM Offshore rose 1.57 pct to 21.93 eur and Royal Dutch Shell gained 0.23 pct to 25.68 eur, down from earlier highs.
posted by Spelunca at 6:32 PM
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