Oil Rises as Global Equities Pick Up; Gold Continues to Reach New Highs


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Oil is rising in early morning trade, lifted by a rebound in equities across the globe and a rise in the dollar's value.

As for gold, it continues to reach record highs as longer-term worries about economic risks keep up investors' appetites for safe haven assets.

At 0750 ET, Brent crude is up 0.9% at $79.22 a barrel, while light sweet crude is up 0.6% at $75.04 a barrel, and natural gas is up 0.5% at $4.08 a million British thermal units.

Gold is up 0.7% at $1,282.20 an ounce, while silver is up 0.7% at $20.91 an ounce, and copper is up 1.3% at $3.54 an ounce.

BP plc ( BP ) is expected to close off its ruptured well in the Gulf of Mexico this weekend by cementing the space between the pipe and walls.

BHP Billiton Ltd ( BHP ) said petroleum output will likely be flat for the first time in four years due to the offshore drilling ban in the Gulf of Mexico following the BP disaster.

Tesoro Corp ( TSO ) said its refinery in Anacortes, Washington, should be back in operation by mid-October. The refinery was closed April 2 following an explosion which led to seven deaths.

Rosneft OAO (ROSN) is discussing the possibility of doing projects in Iraq, according to the Russian energy giant's head Eduard Khudainatov.

Massey Energy Co ( MEE ) is down as it expects an operating loss for the third quarter and sees operating results for the fiscal year to be at the low end of its projections.

In the mining sector, Ivanhoe Mines Ltd ( IVN ) has appointed two Rio Tinto Ltd ( RTP ) executives, Michael Gordon and Dan Westbrook, to its board of directors. Rio Tinto holds a 34.9% stake in the Canadian group, and has the option to increase its stake to 46.65%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: BHP , BP , IVN , MEE , RTP , TSO

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