Tuesday, July 20, 2010

BP (NYSE:BP) Oil Shares Plummet in Trading

Beginning the session in the negative column, oil shares started moving up as the energy sector gained strength from Weatherford's comments and higher crude oil prices but BP (NYSE:BP) plummeted. Oil rose 1 percent or 75 cents to $77.65 a barrel, while early in the morning it was trading down 1 percent reaching a low for the day of $76.05.

The New York Stock Exchange Arca Natural Gas Index gained 0.3 percent to 501. While The Dow Jones Industrial Average dipped 87 points or almost 0.9 percent. The NYSE Arca Oil Index declined 0.3 percent to 940. The Philadelphia Oil Service Index saw an increase of 1.5 percent to $178.34.

Exxon Mobil was down 0.5 percent to $58.13 and Chevron by 0.6 percent to $71.54. While BP shares took a nose dive to $34.87 losing 2.5 percent. The pressure in BP's well continues to slowly rise, it has now reached 6,825. They have not re-started drilling the relief well and are currently going over all possible options.

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