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Rising tensions in the Middle East, particularly a threat today from Iran that it might close the Straits of Hormuz to oil tankers passing through, also pushed crude oil prices higher on Tuesday.
ConocoPhillips? , which has oil production operations in New Mexico, saw its stock close up Tuesday, to $72.94 per share, as the price of a barrel of crude rose above $100. Shares of Chevron USA? , which also produces oil in New Mexico, rose to $107.98 on positive consumer confidence news.
Rising tensions in the Middle East, particularly a threat today from Iran that it might close the Straits of Hormuz to oil tankers passing through, also pushed crude oil prices higher on Tuesday. CNN Money said the ?Iranian threat came in response to a recent tightening of Western sanctions against Iran that attempt to limited the amount of oil that country can export.?
The Associated Press? reported that growing consumer confidence ?in line with retail reports of a decent holiday shopping season? also accounted for the rise in benchmark crude climbing $1.52 on Tuesday ?to $101.19 per barrel in afternoon trading in New York.?
The AP report noted that the ?National Retail Federation now expects a 3.8 percent increase in holiday sales, up from its original forecast of 2.8 percent made in September.?
Consumer spending represents about 70 percent of the nation?s economy, ?so an uptick in spending could boost growth and demand for oil,? added the AP report.
ConocoPhillips? , which has oil production operations in New Mexico, saw its stock close up Tuesday, to $72.94 per share, as the price of a barrel of crude rose above $100. Shares of Chevron USA? , which also produces oil in New Mexico, rose to $107.98 on positive consumer confidence news.
Rising tensions in the Middle East, particularly a threat today from Iran that it might close the Straits of Hormuz to oil tankers passing through, also pushed crude oil prices higher on Tuesday. CNN Money said the ?Iranian threat came in response to a recent tightening of Western sanctions against Iran that attempt to limited the amount of oil that country can export.?
The Associated Press? reported that growing consumer confidence ?in line with retail reports of a decent holiday shopping season? also accounted for the rise in benchmark crude climbing $1.52 on Tuesday ?to $101.19 per barrel in afternoon trading in New York.?
The AP report noted that the ?National Retail Federation now expects a 3.8 percent increase in holiday sales, up from its original forecast of 2.8 percent made in September.?
Consumer spending represents about 70 percent of the nation?s economy, ?so an uptick in spending could boost growth and demand for oil,? added the AP report.
Source: http://feedproxy.google.com/~r/vertical_18/~3/aN8ysBk6Foo/conocophillips-chevron-watch-oil-rise.html
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