The prices of light crude oil rose for the first time in five days after it fell below $ 75 a barrel for the first time since October 13. This raw material prices made attractive as an alternative investment, said Bloomberg. Today’s move offers a wide range between $ 75 and $ 81 per barrel. “For some time the markets began to get used to the volatility of prices between $ 75 and $ 80 a barrel, but when a quote is closer to the lower limit, the players react immediately, buy items and the price returns to higher levels,” commented the market situation David Moore, commodity markets analyst at Commonwealth Bank of Australia. Lightest crude oil for delivery in January rose by 46 cents, or 0.6 percent, reaching $ 74.39 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday marked the raw material to its lowest level since $ 73.93 a barrel, having dropped very quickly with $ 1.54, or 2% per cent, compared to the price at which stock exchanges closed at the end of last week. One of the reasons oil is cheaper to the statement of the President of the U.S. Federal Reserve Ben Bernanke, who said that the U.S. economy will have problems in three directions – the labor market, tight arrangements for lending and the availability of huge quantities of stocks of fuel in reduced demand.
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The U.S. stock indexes continued to be traded in the Range beginning of a new week, shares of the telecommunications sector supported the market. However, the rise in shares was limited by the possibility the Fed to raise base rate earlier than expected. The strong dollar in recent days has affected negatively on the prices of some companies. Verizon Communications was one of the best performing companies in the Dow Jones, having risen by 2.42 percent to 33.49 dollars. Sprint Nextel Corp. add 5 percent to 3.88 dollars after the third largest provider of wireless internet will most likely increased by 50 percent its offer for Virgin Mobile USA Inc. This is a consequence of constantly increasing number of prepaid services offered by the company. Comcast, the largest U.S. cable television, rising by 4.7 percent to 16.89 dollars after Barron’s said that the company is profitable to purchase. Companies offering credit cards, rose after Bank of America Corp. increase their ratings, as announced that they will most likely realize significant revenue from the economic recovery. American Express rose by 1.3 percent to 39.79 dollars, while Capital One Financial add 0.9 percent to 38.25 dollars. Advanced Micro Devices Inc. is shot with 7.8 percent at 8.48 dollars, while Nvidia Corp. also recorded high growth, rising by 13% to 16.12 dollars.
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