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Market Update : 
Oil Nears $105; Ambac Drops 19%
Author: 123jump.com Staff
123jump.com
Last Update: 9:43 PM EST March 05 2008


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A rally in oil and commodities lifted U.S. market averages. Oil surged to a new high after Colombia and Venezuela moved army closer to their borders, weekly inventories in the U.S. declined at the end of last week, and OPEC left the production target unchanged. Earlier, an index of service indicator showed lower than expected decline in service activities. Ambac fell19% after it stated that its plan to raise $1.5 billion through a public offering of stocks that does not include banks.

 
Commodities, Metals, and Currencies

Crude oil increased $4.91 to close at $104.34 per barrel for a front month contract, natural gas increased 40 cent to $9.76 per mBtu, and gasoline futures increased 10.04 cents to close at 262.95 cents per gallon.

Gold increased $22.20 in New York trading to close at $988.50 per ounce, silver closed up 94 cents to $20.78 per ounce, and copper for front month delivery increased 16.05 cents to 389.20 per pound.

Wheat futures increased 17.50 cents in Chicago trading and closed at $11.05 per bushel. Sugar increased 8 cent to 14.44 cents per pound. Soybean future closed down 2.250 cents to $15.08 per bushel.

Dollar edged lower and traded at a record low against euro to $1.5267 and edged higher against yen to 104.07.
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