Thursday, May 26, 2011

BP (BP) (MRO) (RDS-A) End Positive on $100 Oil

Shares of BP (NYSE:BP), Marathon Oil (NYSE:MRO) and Shell (NYSE:RDS-A) ended the session up as oil prices gained the $100 a barrel mark for the first time this week.

Light sweet crude oil for July delivery was up $1.73 to settle at $101.32 a barrel and July Brent crude jumped $2.40 to settle at $114.93.

Also aiding oil prices was a Department of Energy report on Wednesday saying U.S. commercial crude inventories climbed 600,000 barrels in the week ended May 20 versus an expected 1.3 million barrel fall in crude stocks.

Gasoline inventories rose 3.8 million barrels last week versus an estimated 300,000 barrel jump.

Marathon closed Wednesday at $52.76, gaining $0.88, or 1.70 percent. Royal Dutch Shell closed at $69.01, up $0.33, or 0.48 percent. BP ended the day at $44.71, rising $0.34, or 0.77 percent.

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