Reply #4: Oil rises above $64 on strong Q2 corporate results [View All]

[ozymandius]

SINGAPORE – Oil prices broke above $64 a barrel Monday in Asia as strong second quarter company results helped boost investor optimism.

Benchmark crude for August delivery was up 83 cents to $64.39 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, the contract jumped $1.54 to settle at $63.56.

Better than expected earnings last week from Goldman Sachs Group Inc., Intel Corp. and JPMorgan Chase & Co. eased some investor doubts about the chances of a U.S. economic recovery this year. Traders will be watching results this week from Apple Inc, Amazon.com Inc. and Microsoft Corp. for further clues about economic growth.

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In other Nymex trading, gasoline for August delivery rose 1.31 cents to $1.78 a gallon and heating oil gained 1.34 cents to $1.65. Natural gas for August delivery jumped 2.3 cents to $3.69 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices

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The unsophisticated reasoning concerning oil prices is just staggering.