Crude rallies back to $71
A decline in U.S. supplies provides market support. The U.S. average pump price rises for a 50th straight day
Crude oil, which had fallen to as low as $69 a barrel this morning in New York, rallied late in the day and closed up 56 cents to $71.03, its first gain in four days.
The rally came as the government reported a larger-than-expected decline in domestic supplies.
But energy shares were mostly lower.
Dow component Chevron (CVX, news, msgs) was off 1.5% to $68.83. Offshore driller Transocean (, news, msgs) fell 1.5% to $77.58. The Amex Oil Index($XOI.X) fell 1.8% to 932. The Philadelphia Oil Service Sector Index($OSX) fell 2.8% to 168.
The Energy Information Administration said oil supplies fell by a bigger-than-expected 3.9 million barrels last week. Gasoline supplies rose by 3.4 million barrels, and distillate supplies rose by about 300,000 barrels.
AAA's Daily Fuel Gauge Report said the national retail pump price for gasoline was $2.679 a gallon, up slightly from Tuesday. It was the 50th straight day of increases at the pump.
|Energy prices -- New York close|
|Wed.||Tues.||Month chg.||YTD chg.|
|(per mil. BTY)|
|(per gallon; AAA)|
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] A solid November employment report translated into a solid day of gains for the major averages. While there was some talk that the encouraging job growth raised the odds of the Fed announcing a tapering at its December meeting, the message of the markets today was either that it didn't believe there would be a tapering this month or that it doesn't fear a tapering this month.
It was just one day, yet there was ample meaning wrapped up in the connection that the 10-yr ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.