Venoco Inc. (NYSE:VQ), Whiting Petroleum (NYSE:WLL), Rosetta Resources (Nasdaq:ROSE) all rose in price Thursday, increasing 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, placing the value of the U.S dollar at even more threat.
Oil price, as well as most commodity 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 increased to over $26 an ounce. Aluminum was boosted to price levels not seen since April.
Light, sweet crude for December delivery settled the trading session increasing $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Venoco Inc. closed at $15.64 Thursday, rising $0.67, or 4.48 percent. Whiting Petroleum surged to close at $106.86, gaining $3.84, or 3.73 percent. Rosetta Resources was up to $25.41 at the end of the trading session, gaining $1.29, or 5.35 percent.
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