Wednesday, April 20, 2011

Chevron (CVX) (COP) (RDS-A) (RIG) Close Up as Oil Jumps Again

Uncertainty as to the sustainability of high gasoline prices have been surfacing lately, but in America, it seems the higher prices aren't going away any time soon, and neither will higher oil prices, as Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), Transocean (NYSE:RIG), and Royal Dutch Shell (NYSE:RDS-A) all closed up on Tuesday.

Oil rose above $108 a barrel Tuesday, as the U.S. dollar weakened against other major currencies.

Benchmark crude for May delivery rose $1.03 to settle at $108.15 a barrel on the New York Mercantile Exchange. Tuesday is the last trading day for that contract. Oil for June delivery climbed 59 cents to settle at $108.28 a barrel.

In other Nymex trading for May contracts, heating oil lost 2.43 cents to settle at $3.1585 a gallon and gasoline futures fell 1.97 cents to settle at $3.2331 a gallon. Natural gas jumped 12.4 cents to settle at $4.262 per 1,000 cubic feet.

In London, Brent crude fell 28 cents to settle at $121.33 a barrel on the ICE Futures exchange.

Royal Dutch Shell closed Tuesday at $71.59, gaining $0.37, or 0.52 percent. Transocean ended the day at $74.35, rising $0.18, or 0.24. ConocoPhillips closed at $78.15, jumping $0.54, or 0.70 percent. Chevron closed the session at $105.40, up $0.90, or 0.86 percent.

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