Market briefing --- Matt (fast)
welcome to “world financial report.” i am matt nesto. let’s talk about oil today. it fell in new york trade for a third session, dropping as low as $44.75 a barrel. look at that, folks. up a nickel. worries about oil supply disruptions in iraq and elsewhere helped push oil prices close to $50 a barrel last friday. local shipping agents say that oil flows to iraq’s persian gulf terminals have doubled from a week ago. iraq is shipping oil from its northern oil fields into turkey. analysts are waiting for tomorrow’s weekly inventory report from the energy department. seven of the analysts surveyed by bloomberg expect a decline. six say supplies increase. one says no change at all. cord to get median of those estimates, supplies probably declined by 250,000 barrels. that’s little change on 293 million barrel base. oil prices have rallied this year as expanding economies boosted demand in the u.s. and china.
>> we just keep on consuming more and more gasoline. we’re not doing anything about creating alternative sources. we’re not doing anything about conservation. we need an energy policy desperately. the chinese have an energy poll seufplt they are building nuclear power plants, bringing in liquid natural gas, building more coal-fired generating plants. we’re not doing any of that.
>> he says the fact if oil reached $50 a barrel, it would represent a threat to the global economic boom. if we look at other energy markets today, they were mixed, little changed on the session. let’s talk about the bonds. they were up here today. the stocks were mixed. the dow and s&p both higher here today. dow up a quarter of a percent. s&p little changed, finishing up off earlier highs from the opening bell. if you look at nasdaq, it finished down .1%. volume again light for the second day. not even 1.1 billion shares at the big board. if we look at bonds, well, as i said, bonds were up here today. i can give you the bonds, guys. there you go. you can see the 10-year bonds, yield is going to give you a yield of 4.28%. similar move on the five-year. up.
