Saturday, July 18, 2009

Survey Shows, Oil May Rise on Slumped Earnings

Crude oil may rise as better than expected second quarter earnings bolster the outlook for a recovery in demand, a survey of analysts showed. Seventeen of 37 analysts surveyed by Bloomberg News, or 46 percent, said futures will climb through July 24. Ten respondents, or 27 percent, forecast that prices will be little changed, and 10 expected a decline. Last week, 46 percent of analysts said oil would fall. Futures will increase as second quarter earnings beat analyst expectations, said Bill O’Grady, the chief market strategist for Confluence Investment Management in St. Louis. Prices may also increase as equity markets rise.....Complete Story

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