On Tuesday, oil prices dropped below $103 a barrel for the first time since the beginning of August as tensions between the U.S. and the Middle East eased. "Supply-side concerns appear be diminishing. A military action against Syria looks increasingly unlikely, while the new Iranian president has signaled his willingness to negotiate over Tehran's nuclear program," said Fawad Razaqzada, Technical Analyst at GFT Global Markets. According to Commerzbank analysts, Iran is looking to have Western sanctions eased, which have cause Iran’s oil exports to fall from 2.5 million barrels in 2011 to 1.2 million.
BP plc (NYSE: BP) shares traded in the range of $42.21 to $42.47 Tuesday before settling to close at $42.28, an increase of 0.02 percent. The stock appears to be facing some resistance at the $42.28 and $42.70 levels with some support at $42.13. Shares of BP have gained approximately 1.5 percent in 2013.
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ConocoPhillips (NYSE: COP) shares traded in the range of $70.34 to $71.04 Tuesday before settling to close at $70.40, a decrease of 0.26 percent. The stock appears to be facing some resistance at $70.80 with some support at the $69.73 and $67.67 levels. Shares of ConocoPhillips have gained approximately 21.0 percent in 2013.
More information on ConocoPhillips and access to the free equity report can be found at:
Chevron Corporation (NYSE: CVX) shares traded in the range of $124.41 to $125.84 Tuesday before settling to close at $124.49, a decrease of 0.82 percent. The stock appears to be facing some resistance at the $125.25 and $126.43 levels with some support at $124.37. Shares of Chevron have gained approximately 15.0 percent in 2013.
More information on Chevron and access to the free equity report can be found at:
Exxon Mobil Corporation (NYSE: XOM) shares traded in the range of $87.28 to $88.07 Tuesday before settling to close at $87.36, a decrease of 0.44 percent. The stock appears to be facing some resistance at the $87.51 and $88.26 levels with some support at $86.42. Shares of Exxon Mobil are up just 1.0 percent year-to-date.
More information on Exxon Mobil and access to the free equity report can be found at:
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