Friday, November 5, 2010

Cameron International (NYSE:CAM), Marathon Oil (NYSE:MRO), Devon Energy (NYSE:DVN) Soar on Rising Oil Prices

Cameron International (NYSE:CAM), Marathon Oil (NYSE:MRO), Devon Energy (NYSE:DVN) were all moving up Thursday on the inflationary measures announced by the Federal Reserve through QE2, which pushed the overall commodity market up, along with companies within each sector, including the oil producers.

Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices increased to all-time record highs again, closing in on the $1,400 an ounce mark. Aluminum soared to its highest levels since April.

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

Cameron International closed at $45.59 Thursday, rising $1.93, or 4.42 percent. Marathon Oil surged to close at $33.83, gaining $0.76, or 2.30 percent. Devon Energy was up to $69.60 at the end of the trading day, rising by $1.38, or 2.02 percent.

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