Friday, November 5, 2010

Berry Petroleum (NYSE:BRY), Callon Petroleum (NYSE:CPE), Carrizo Oil & Gas (Nasdaq:CRZO) Surge on Rising Oil Prices

Berry Petroleum (NYSE:BRY), Callon Petroleum (NYSE:CPE), Carrizo Oil & Gas (Nasdaq:CRZO) all rose higher Thursday, moving up with the broader commodity sector on news of the quantitative easing about to be implemented by the Federal Reserve, which will add about $600 billion to the money supply over the next several months, putting inflationary pressure on the economy.

Commodity prices, including oil prices, responded as expected, moving up across the board, with gold growing to record levels again, closing in on $1,400 an ounce, while silver rose to over $26 an ounce. Aluminum increased to price levels not seen since April.

Light, sweet crude for December delivery settled the trading session increasing $1.80a barrel on the New York Mercantile Exchange at $86.49.

Berry Petroleum closed at $37.83 Thursday, rising $1.25, or 3.42 percent. Callon Petroleum surged to close at $5.13, gaining $0.16, or 3.22 percent. Carrizo Oil & Gas was up to $24.64 at the end of the trading session, gaining $0.73, or 3.05 percent.

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