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this will determine which way oil is heading and also the market. right now futures are up with oil heading down.
Posts: 149 | Registered: Apr 2005
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gas up .30 a gallon from monday to yesterday for me. holiday deal here but early. usually don't raise gas prices for holiday until thursday for the weekend.
Posts: 1421 | From: USA | Registered: Dec 2004
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Stocks Rise As Oil Inventories Improve Wednesday June 29, 11:41 am ET By Ellen Simon, AP Business Writer Stocks Move Higher on an Increase in U.S. Oil Inventories, Solid Rise in the GDP
NEW YORK (AP) -- An increase in U.S. oil inventories and a solid increase in the gross domestic product lifted stocks Wednesday, even as Wall Street nervously awaited the Federal Reserve's decision on interest rates. ADVERTISEMENT
Oil prices extended their decline, with futures falling 30 cents to $57.90 a barrel, after the Energy Department reported a substantial increase in gasoline production, as well as increases in oil imports and commercial crude inventories. The report reassured stock investors that the record high oil prices set earlier in the week may continue to drop and that an oil shortage doesn't look to be imminent.
"Our sense is that companies have not been challenged to get their hands on crude," said Bob Morris, director of equity investments at Lord Abbett. "It's more expensive, but the availability is there."
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