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Oil prices keep sliding, hitting global energy firms' shares

Oct. 09, 2014 9:56 AM ETShell plc (SHEL) StockUCO, XLE, IYE, OIH, VDE, COP, BP, APC, XOM, HES, PXE, PXJ, TTE, CVX, SHEL, USO, IEO, XOP, OIL-OLD, RSPG, DBO, DUG, DIG, FXN, TWTI, USL, DDG, DTO, OLO-OLD, ERY, ERX, SCO, DNO, BNO, CRUD, UWTI, DWTI, FENY, EQNR, SZOXF, OILBy: Carl Surran, SA News Editor15 Comments
  • Global oil producers open broadly lower as oil prices continue to slide on concerns about high supplies and weak global economic growth (also): RDS.A -2.7%, STO -2.7%, TOT -2.5%, HES -2%, APC -1.7%, BP -1.6%, CVX -1.5%, COP -1%, XOM -0.8%.
  • Brent prices slump to $91/bbl, approaching two-year intraday lows, and Nymex crude tumbles to $86.67/bbl to an 18-month intraday low.
  • The EIA said yesterday that U.S. crude supplies rose by a more than expected 5% last week, while gasoline and distillate inventories unexpectedly grew as well.
  • Barclays is cutting its oil price forecasts: It now sees U.S. crude averaging $85/bbl in Q4 and $89 in 2015, down from previous estimates of $98 in Q4 and $100 next year, and Brent crude averaging $93/bbl in Q4 and $96 in 2015, down from a respective $106 and $107 previously.
  • ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, DTO, DBO, DUG, IYE, IEO, CRUD, PXE, USL, UWTI, PXJ, FENY, DNO, OTC:DWTI, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI

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