MW: Oil dips under $76 a barrel as recovery's strength questioned
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- Oil prices wavered under $76 a barrel on Monday as investors tracked a mild bounce back in stocks and looked to corporate-earnings reports to shed light on the global economic recovery.
After rising above $76 a barrel earlier in the session, benchmark crude for August delivery was lately off 27 cents at $75.74 a barrel in electronic trading on the New York Mercantile Exchange. The contract on Friday fell 61 cents to settle at $76.01, a weekly loss of 1%.
A slew of companies are poised to report quarterly results this week, including International Business Machines Corp. (IBM 128.58, +0.55, +0.43%) after Monday's close.
Halliburton Co. (HAL 28.45, +0.94, +3.42%) on Monday reported earnings that topped analysts' estimates, but the oilfield-services company warned that a ban on deepwater drilling in the Gulf of Mexico would likely dent 2010 results.
The company, which did cement work on the BP Plc (BP 36.22, -0.88, -2.37%) well that burst in the Gulf three months ago, also said it is indemnified under its contract with BP.
Later in the session, the National Association of Home Builders is slated to release its July housing-market index, a gauge of industry sentiment.
