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| Metals Outlook: Gold, Silver to strengthen next week Commodity Online By Debbie Carlson (Kitco News) - Gold and silver's rally into the end of the week and continued unrest in North Africa and the Middle East is expected to give precious metals a firm start for next week's trading. The situation in Libya remains ... See all stories on this topic » |
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| Oil prices: Green light from the black stuff The Guardian It will come as little comfort to many motorists blenching at the pumps today at having to pay 130p or more a litre to fill up their cars with unleaded petrol, but the surge in the price of oil may not all be bad news. Potentially, at least, and if the ... See all stories on this topic » | ||
| TODAY'S STOCK MARKET DOW JONES INDUSTRIAL AVERAGE DJI, S&P 500, NASDAQ INDEX ... Learning and Finance Crude oil is on the rise with prices pushing over $104 a barrel. With so much attention focused on the rising costs of oil, investors have virtually dismissed further economic reports released on Friday. The Labor Department reported today that 192000 ... See all stories on this topic » | ||
| That's Oil, Folks: Why You Don't Need More in Your Portfolio Wall Street Journal Adjusted for the overall rate of inflation, the price of oil has tended to go down, not up. All the way from the Civil War (when a barrel of oil cost roughly $168 in today's money) to the early 1970s, the oil price, adjusted for inflation, ... See all stories on this topic » | ||
| Oil prices could rise on supply side disruption Chandigarh Tribune Rising crude prices may further aggravate global food prices, UN body FAO today warned, adding that prices of all commodity groups monitored were rising, except for sugar. "Unexpected oil price spikes could further exacerbate an already precarious ... See all stories on this topic » |
BP plc (NYSE:BP) has denied bonuses to its top executives. BP plc (NYSE:BP) Denies Executive Bonuses BP plc (NYSE:BP) has decided not to pay bonuses from last year to any of the executive directors involved in the disastrous Gulf of Mexico spill. The company has, however, awarded partial pay-outs to two directors for meeting specific divisional targets. DeAnne Julius, the chairman of BP plc (NYSE:BP)’s remuneration committee said that, “Remuneration decisions for 2010 were dominated by the scale and impact of the accident in the Gulf of Mexico. In the judgement of the committee and the CEO this overrode the normal metrics for bonus outcomes.” BP plc (NYSE:BP) shares are currently standing at 48.21. Price History Last Price: 48.21 52 Week Low / High: 26.75 / 60.98 50 Day Moving Average: 46.54 6 Month Price Change %: 32.0% 12 Month Price Change %: -11.6%
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It seems pretty clear where investors stand on $105-a-barrel oil prices. And we probably have a pretty good idea what $110 a barrel will do for them – if that's the direction for next week. With crude again pushing higher to finish nearly 7% higher than a week ago, stocks were under pressure throughout Friday's session. Despite a late push off the day's lows, equities merely trimmed another significant selloff by about one-third. The Dow Jones Industrial Average closed 89 points lower to 12,169, the Nasdaq fell 14 points to 2785 and the S&P 500 was off 10 points to 1321. Helping the late push in stocks was a minor pullback in oil prices in after-hours electronic trading – crude ultimately retreated away from its march toward $105 a barrel after officially closing at $104.42. The sectors that have taken a beating since the move higher in oil began took another one on Friday – automobile makers and recreational services felt the crush of crude's highest close since late 2008. Ford (NYSE: F ) and General Motors (NYSE: GM ) both dropped about 2%, while stocks as varied as Live Nation (NYSE: LYV ) Life Time Fitness (NYSE: LTM ) and Carnival (NYSE: CUK ) all finished more-than-modestly lower as investors have to come to grips with triple-digit oil prices – now that we've had them for three consecutive days. Over the longer term, of course, that's an even bigger problem. Economist David Rosenberg had a chilling note on Thursday that pointed out that only five times in the last 70 years had the spot price for oil doubled within two years. In all but one of those five instances, a U.S. recession was involved. In the other, which came about in August 2005, the housing boom postponed – but didn't derail – another recession. In December 2010, we hit the same threshold. How confident does that make you? This, then, is the backdrop to the next several months of the stock market, which did have its positives on Friday – witness the ability of stocks to push higher to lock in a gain for the week despite a 7% rise in oil, and an unemployment report that, with all its other negatives, did seem to show a small-r recovery is viable for now. However, with consumers increasingly crunched by fuel prices, even a relatively weak recovery is in danger of evaporating.
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Positive economic reports continued to post relative to the U.S. economy throughout the trading session today yet stocks took a step back. Gold and silver metals were pushing higher today however. The lower unemployment average, paired with the addition of just over 190,000 jobs was still not enough to keep major index composites trending green today. By mid-day, the Dow Jones was lower by just over one percent, the dollar was falling to a handful of other currencies and things did not improve much as the day wore on. Stocks were in the process of retreating as oil concerns began to reappear in the minds of investors. Contract gold and silver benefited by this and saw more positive trending throughout the day’s session. April gold was higher by .85 percent at the mid-day mark and May contract silver posted a floor price up by 2.6 percent at the same point. Stocks ended Friday’s session in the red across the board. The Dow Jones Industrial Average fell lower by .72 percent on the day and finished at 12,196.88. Contract gold, silver and platinum ended the session green today. Floor price for April gold ended higher by 12.20 at $1,428.60 an ounce. May contract silver ended the session higher by 1.00 at $35.33 an ounce. April Platinum ended the session higher by 4.90 at $1,837.90 an ounce. Author: Camillo Zucari
