Tuesday, April 19, 2011

BP (BP) (APC) (COP) (XOM) Close Down as Oil, Gas Prices Fall

As perceptions that demand for crude oil and gasoline will drop because of high prices, shares of companies like BP (NYSE:BP), Anadarko (NYSE:APC), Conoco (NYSE:COP) and Exxon Mobil (NYSE:XOM) all closed down Monday, as the overall sector took a breather.

Crude-oil futures were down Monday as investors were worried about the possibility for slowing demand for oil after debt-ratings company Standard & Poor’s slashed its outlook on the U.S. government’s credit rating which resulted in a move away from stocks and growth-leveraged commodities.

Benchmark light, sweet crude for May delivery dropped $2.54, or 2.3%, to $107.12 a barrel on the New York Mercantile Exchange. That ended a three-day winning streak for oil.

Gasoline for May delivery on Monday was down 4 cents, or 1.1%, to $3.25 a gallon.

May heating oil fell 4 cents, or 1.3%, to $3.18 a gallon.

May natural gas was lower by 7 cents, or 1.6%, to $4.14 per million British thermal units.

Exxon Mobil closed at $83.10, down $1.19, or 1.41 percent. Anadarko ended the day at $77.38, falling $3.04, or 3.78 percent. ConocoPhillips closed at $77.61, dropping $1.51, or 1.91 percent. BP closed at $44.47, losing $0.49, or 1.09 percent.

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