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 © 2014 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] The stock market finished an upbeat week on a mixed note. The S&P 500 added just over a point, holding its weekly gain at 1.0% while the Nasdaq lost 0.4%.
The major averages began the day on an upbeat note, but relinquished their opening gains during the first 90 minutes of action. The early sentiment was boosted by a better-than-expected nonfarm payrolls report for February (175K versus Briefing.com consensus 163K), but a closer look into the report suggested that ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'