Oil rebounds both in US and overseas


Oil prices bounced back upward in Tuesday’s trading in the U.S. and overseas with West Texas Intermediate crude seeing a 75 cent gain, finishing the day up 2% at $38.94 a barrel on the New York Mercantile Exchange.

Overseas, Brent crude was up only 3 cents to finish at $40.83 a barrel on the ICE futures. Natural gas fell 2 cents and ended the day on the NYMEX at $1.77 per MMBtu.

While Chesapeake Energy was the big loser for the day, dropping 66% or $46.17 a barrel and finishing at $23.77, other energy companies reported losses as well.

Devon Energy dropped 8% or $1.21 to end Tuesday’s trading at $14.55 while SandRidge Energy was down 2 cents at $2.13 a share.

ConocoPhillips reported a more than 3% drop of $1.68 to end the day at $48.63. EOG Resources fell 4% or $2.66 a share and ended Tuesday at $59.47.

Marathon Oil was down 9% or 77 cents at $7.66 a share. ONEOK dropped 7.5% or $3.60 and settled at $44.44.

Phillips 66 fell $4.06 or 4.5% and finished at $85.67. American Electric Power dropped $2 or 2.2% and ended the day at $85.91 a share.