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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Jul 09, 2008
Page
2
Oil tumbled over $5 to settle at 136.04 a barrel as traders book gains from a rally. Monday’s drop pushed the two day slide to more than 9, with a stronger dollar and weaker global demand weighing on futures. Analysts cited profit taking and easing supply fears as drivers of the retreat.
Southwest Airlines announced plans for international service through a code sharing with Canada's WestJet. The move would allow Southwest passengers to connect to WestJet flights to Canada, pending regulatory review. Gary Kelly praised finding a fit with WestJet to expand the U S network to Canadian destinations.
ConocoPhillips, the third-largest U.S. oil company, says global production fell in the second quarter due to planned maintenance. Higher oil and gas prices supported results, while refining margins likely improved from Q1 but were offset by weaker margins for secondary products and higher plant utilities costs. Global marketing margins are expected to be lower as expenses rise.
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