On Monday, oil prices spiked to nine-month highs on concerns of growing tensions in the Middle East. In early trading benchmark oil for July delivery spiked to $98.74, its highest this year, on the New York Mercantile Exchange. There have been concerns that the conflict in Syria could spread, disrupting oil supplies in the process. Oil prices have also been buoyed by hopes that the U.S. Federal Reserve will maintain its aggressive stimulus measures. Policy makers will begin a two-day meeting Tuesday. Here is how some oil stocks reacted Monday:
BP plc (NYSE:BP - News) shares traded in the range of $43.15 to $43.41 Monday before settling to close at $43.26, an increase of 0.98 percent. The stock appears to be facing resistance at $43.27 with some support at $42.67. Jeffries analysts have recently reiterated a “hold” rating on the company and have also raised its price target by 10 percent. Shares of BP have gained approximately 3.9 percent in 2013.
More information on BP and access to the free equity report can be found at:
ConocoPhillips (NYSE:COP - News) shares traded in the range of $61.44 to $62.05 Monday before settling to close at $61.94. The stock appears to be facing some resistance at $62.40 with support at $61.47. Jeffries analysts have maintained a “hold” rating on the company, but have raised its priced target to $65.00 from $60.00. Shares of ConocoPhillips have gained approximately 6.8 percent in 2013.
More information on ConocoPhillips and access to the free equity report can be found at:
Chevron Corporation (NYSE:CVX - News) shares traded in the range of $120.28 to $121.78 Monday before settling to close at $121.22, an increase of 0.78 percent. The stock appears to be facing resistance at $121.40 with some support at $117.21. Jeffries analysts have recently downgraded the company’s rating to “hold” from “buy”. Shares of Chevron have gained approximately 12.1 percent in 2013.
More information on Chevron and access to the free equity report can be found at:
Petroleo Brasileiro Petrobras SA (NYSE:PBR - News) shares traded in the range of $15.44 to $15.95 Monday before settling to close at $15.64. The stock appears to be facing some resistance at $15.94 with some support at $15.47. Jeffries analysts have recently upgraded the company’s rating to “buy” from “hold”. Shares of Petrobras have fallen approximately 19.7 percent in 2013.
More information on Petroleo Brasileiro Petrobras and access to the free equity report can be found at:
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