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Energy

As Crude Jumps, A Little Rally In Oil Shares (XOM)(BP)

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By Douglas A. McIntyre Updated Published
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Tx00338coilwellgusherodessatexasposA good thing happens, but a bad thing happens. The current market works that way. All the arrows never point in the same direction.

As word of the government’s bank bailout spread, crude oil moved up to $108. It has risen 10% in a few short days. If the market believes that the economy will respond to the "stimulus" package, oil may continue to trend higher.

How are the bank bailout and oil related? They aren’t. It is a stretch to say that saving banks will do anything for the consumer or business credit markets any time in the next several months. Some economists question whether it will do anything at all.

Oil exploration and refinery stocks are benefiting from the move in oil, whether it is justified by market forces or not.

With the market down 1.5%, Exxon (XOM) and BP (BP) are moving up, taking back some of the ground they have lost in the last few months.

Oil’s move may not be rational, but if the bailout passes Congress crude will go higher.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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