Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Crude oil rose for a third straight day yesterday - to $61.72 a barrel in after-hours electronic trading on the New York Mercantile Exchange - after a government report showed U.S. stockpiles unexpectedly fell last week. On the whole, U.S. crude inventories dropped by 3.21 million barrels on diminishing imports - the biggest decline since July. That combined with the greatest demand for heating fuels since last December did the trick in pushing prices safely over $60 again. According to DeltaOne Capital Partners energy analyst Peter Linder, "It's clearly very bullish... We've already seen the beginning of winter and we'll start to see OPEC cuts next week. I'm convinced we've seen the low prices for the year.''
Related links: The Rise and Fall of Oil: Roach Motel Theory • Cover Up Those Signs! The Problem With Gasoline Prices and "Reported Inflation" • OPEC to Cut Production to Halt Price Skid • Oil Economics in a Nutshell • Falling Oil Prices: Producers Are Playing a Game of Chicken • Oil: Prices and Producers -- Where They're Headed • Crude Reality: Supply > Demand • How Low Will Gas Prices Ultimately be Able to Fall?
Potentially impacted stocks and ETFs: Exxon (NYSE:XOM), Chevron (NYSE:CVX), BP (NYSE:BP) • Oil Service HOLDRs (NYSEARCA:OIH), United States Oil Fund (NYSEARCA:USO)
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