Stock Markets Witness Crude Benchmark Settle Down At $77

May 7th, 2010 - 7:09 pm ICT by GD  

By Ranjan Bhaduri
stockNew York, May 7 (THAINDIAN NEWS) The Stock markets witnessed a heavy session of chaos on Thursday which had the crude oil benchmark falling down steep by $2.86 only to finally stop at $77.11 a barrel. Reportedly, the New York Mercantile Exchange reported Crude oil to be at a lower stand during the first half of the day but as soon as the day progressed the price picked up at a tremendous rate.

With the steady rise in the price of crude oil, the stock market investors were forced to venture into safer deposits like mutual bonds and gold. The biggest disappointment came from Dow Jones whose Industrial Average went down all the way beyond expectation. Amidst such a down trodden situation the only happy news is that the oil slick is safely away from the Gulf Coast tankers delivering crude oil. As a matter of fact, the Energy Information Administration told the media that the natural gas inventories have witnessed a steady rise by 83 billion cubic feet.

Gasoline is the other thing which suffered heavily at the stock markets as the Thursday trading reports set in. As per the last stands, gasoline witnessed a down fall by 6.41 cents which sealed off the rate at $2.1563 per gallon. The Pump prices reached an all round national average of $2.93 a gallon which happens to five cents higher than what was recorded last week. Nymex trading had heating oil reaching out low to settle off at $2.1137 a gallon after it fell by 70.8 cents. Following that the London Stock Exchange had Brent crude settling down at final rates of $79.83 in accordance to the ICE futures exchange.

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