MW: Oil jumps above $77, eyeing earnings with hope
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- Oil prices shot past $77 a barrel in midmorning trading on Monday as investors looked to positive corporate-earnings reports as a good sign for the global economic recovery.
Benchmark crude for August delivery rose 83 cents at $76.83 a barrel in recent action, after touching $77.73 earlier. On Friday, the contract fell 61 cents to settle at $76.01 for a weekly loss of 1%. Read about oil prices on Friday.
A slew of companies will report quarterly results this week, including International Business Machines Corp. (IBM 129.08, +1.05, +0.82%) after Monday's close.
Halliburton Co. (HAL 28.51, +0.10, +3.63%) reported earnings that topped analysts' estimates Monday, but the oilfield-services company warned that a ban on deepwater drilling in the Gulf of Mexico would likely dent 2010 results. Read about Halliburton's results.
The company, which did cement work on the BP PLC (BP 35.27, -1.83, -4.93%) well that burst in the Gulf three months ago, also said it is indemnified under its contract with BP.
Oil stayed higher after the National Association of Home Builders/Wells Fargo housing market index fell to 14 in July from a downwardly revised 16 in June. It was the first report of the week expected to show weakness in the housing sector. See more on housing data.
