Photo: Flickr user: mr172
Crude futures settled up $0.71 today following rumours that Germany now appears willing to let the Eurozone’s bailout fund to buy troubled countries’ debt and in anticipation of Fed action. July NYMEX contracts rose to $83.98.
That’s still nowhere near making for the the precipitous decline prices took in May, when prices fell nearly 25 per cent.
Oil stocks saw solid gains, with Baker Hughes leading the way at +3.76 per cent, followed by Halliburton (+2.28 per cent) and Schlumberger (+1.20 per cent).
Natural gas prices, meanwhile, declined -$0.08 to $2.62.
Brent also declined slightly, to $95.85 from $96.05.