Market Updates
Market Settles on a Higher Ground
05 Apr, 2005
New York City
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Expected rise in OPEC capacity and Greenspan comments weigh on traders
Expected rise in OPEC capacity and Greenspan comments weigh on traders
May Oil crude futures closed down 97 cents at $56.24 a barrel after trading as high as $57.27 during the session. Oil traders continue to rely on the news from OPEC and Fed Chairman.
Traders are noticing the news report by French Press Agency that OPEC is considering to increase the production by half a million barrels a day. This afternoon Fed chairman Greenspan delivered speech to National Petrochemical and Refiners Association. Mr. Chairman suggested that the current spike in crude price is not sustainable.
The Fed chairman noted that futures prices for summer delivery currently exceed spot prices.
Oil shares traded lower reflecting the lower crude prices and Amex Oil Index closed lower by 0.94%.
Pharmaceutical stocks had a better day today. Pfizer's restructuring found sympathetic investors and stock closed higher 3.74% . Sanofi-Aventis on the back of Prudential coverage jumped 3.1%.
Dissident shareholders demanded that Morgan Stanley CEO be replaced. The stock closed down 3.17%.
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