Oil Equities Limit Their Losses in June Despite Lower Crude Prices

摘要

The Energy Intelligence Finance Oil andGas index, which tracks the top integratedoil companies trading in New York, mirroredthe broader stock market’s 1.8% decline inJune which turned out to be a pretty roughmonth for crude prices.Benchmark Nymex crude prices beganJune on a stable footing after their sharp de-cline in May (OD Jun.6’11). But crude ulti-mately took another leg down to close as lowas $90.61 per barrel on Jun. 27 — its lowestsettlement since Libya spiraled into a civilwar. The planned release of 60 million bar-rels of oil from International Energy Agencymembers’ strategic stockpiles — into what isbroadly considered a sufficiently suppliedglobal oil market — weighed on prices(OD Jun.24’11).