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Friday, April 15, 2011

BP (BP) (HAL) (APC) (MRO) Rise as Oil Prices Continue Climb

Crude jumped above $108 a barrel Thursday, and oil companies BP (NYSE:BP), Halliburton (NYSE:HAL), Anadarko (NYSE:APC) and Marathon Oil (NYSE:MRO) rose with it, as the U.S. dollar continues its collapse.

Crude for May delivery was up $1, or 0.9%, to $108.11 a barrel on the New York Mercantile Exchange.

Gasoline settled lower, with the May contract down 1 cent, or 0.2%, to $3.23 a gallon. Gas at the wholesale level jumped 5.7 percent in March. Most of the price jump is being passed along to consumers, who are paying an average of $3.81 for a gallon.

Concerning natural gas, the Energy Information Administration said natural gas in storage added 28 billion cubic feet in the week ended April 8.

Analysts polled by Platts had expected an increase of 31 billion to 35 billion cubic feet.

Natural gas for May delivery increased 7 cents, or 1.7%, to $4.21 per million British thermal units. That was best settlement for natural gas since April 5.

Heating oil for May delivery dropped, down a penny, or 0.4%, to settle at $3.19 a gallon.

Marathon Oil closed Thursday at $51.17, gaining $0.84, or 1.67 percent. Halliburton closed at $46.14, up $0.63, or 1.38 percent. BP ended the session at $45.54, rising $0.14, or 0.31 percent. Anadarko closed at $79.38, climbing $1.04, or 1.33 percent.

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