Friday, November 5, 2010

BP (NYSE:BP), Anadarko (NYSE:APC), Conoco (NYSE:COP) Surge on Rising Oil Prices

BP (NYSE:BP), Anadarko (NYSE:APC), Conoco (NYSE:COP) all rose Thursday on the inflationary measures implemented by the Federal Reserve via QE2, which drove the overall commodity market up, along with companies within each sector, including the oil producers.

Commodity prices in general increased, including silver, which increased to over $26 an ounce. Gold prices surged to all-time record highs again, approaching the $1,400 an ounce mark. Aluminum moved up to its highest levels since April, and silver surpassed $26 an ounce.

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

BP closed at $43.91 Thursday, rising $1.54, or 3.63 percent. Anadarko surged to close at $65.96, gaining $2.32, or 3.65 percent. Conoco was up $61.25 at the end of the trading session, increasing by $1.84, or 3.10 percent.

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