Wednesday, April 13, 2011

BP (BP) (APC) (COP) (XOM) Crushed as Oil Corrects

A general correction in commodities prices as a result of the plunge in oil prices pressured the energy sector, with BP (NYSE:BP), Anadarko (NYSE:APC), ConocoPhillips (NYSE:COP) and Exxon Mobil (NYSE:XOM) all closing down Tuesday.

Crude oil prices for May delivery dropped as much as 63 cents, or 0.6 percent, to $105.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $106.01 at 10:14 a.m. Sydney time. Yesterday, it dropped $3.67 to $106.25. Prices fell 5.9 percent on April 11 and 12.

The U.S. increased its crude-oil price estimate for 2011 to an average $106.38 a barrel from $101.77 in March, according to the Energy Department’s Short-Term Energy Outlook.

Exxon Mobil closed Tuesday at $83.18, falling $1.98, or 2.33 percent. ConocoPhillips closed at $77.16, down $2.96, or 3.69 percent. Anadarko closed at $77.43, dropping $3.68, or 4.54 percent. BP ended the session at $45.30, declining $1.37, or 2.94 percent.

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