SOURCE: Stock Traders Daily

June 27, 2005 08:39 ET

Oil Has Hit a New Record High, Again

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Thomas Kee for Stock Traders Daily.

SAN FRANCISCO, CA -- (MARKET WIRE) -- June 27, 2005 -- For the 3rd straight session, Oil has reached all-time highs in overnight trading as Traders seemed concerned that the new government in Iran may re-direct the contract awards for developing Iran's Oil reserves to domestic (Iranian) companies. Traders simply feel that this may significantly slow the production of Oil from that region. The continued increase in Oil prices has caused Exxon Mobil (NYSE: XOM) to become the largest company on Wall Street by Market Capitalization ($370.17 Billion), The Oil Services Trust (AMEX: OIH) is near all-time highs, and if ChevronTexaco (NYSE: CVX) weren't in negotiations to buy Unocal (NYSE: UCL) we're sure CVX would be at all-time highs as well. Without a doubt Oil Prices are beginning to influence Wall Street's expectations for earnings.

A detailed review of the companies referenced in this article, of Oil commodities prices, and of the Market itself are available immediately on our Corporate Website:

Thomas Kee, CRD number 2369405.

Stock Traders Daily, CRD number 111906.

Contact Information

  • Contact:
    Stock Traders Daily
    Thomas Kee
    (415) 999-9033