WS: Investing in Oil and Gas: Ratings Agencies Warnings Affecting Prices
Thursday was a bit gloomy for Oil (NYSE:USO). WTI August contracts lost $2.36 or 2.41% to settle at $95.69 per barrel. Brent crude for August delivery settled at $118.32 a barrel, down $0.46 or 0.4%. Bernanke reiterated that the Fed is prepared to provide more monetary stimulus, but it is not the time now. The US Dollar Index .DXY was trading higher (NYSE:UUP) after these remarks putting downward pressure on oil (NYSE:USO). Natural Gas (NYSE:UNG) August contracts settled at $4.38 per MMBTU. Initial claims fell to 405,000 from 427,000. US retail sales were up 0.1% in June, and June wholesale producer index was 0.4% down.
