Markets rise as oil drop fuels optimism on Wall Street
Wall Street extended its rally amid strong quarterly results from JPMorgan Chase and United Technologies. The Dow gained 207.38 points to 11,446.66, the S&P 500 rose 14.96 to 1,260.32, and the Nasdaq climbed 27.45 to 2,312.30 as crude oil fell to 129.29 a barrel and natural gas also dropped.
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Oil dips below 130 as gas slides on weak economy
Oil falls below 130 a barrel for August delivery, dropping 5.31 to 129.29 on the NYMEX, amid a three day sell-off and a sharp 8 percent decline in August natural gas futures. Gas inventories rose 104 billion cubic feet to 2.31 trillion, boosting concerns over demand and storage.
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Iraq sets one year limit on no bid oil contracts
Baghdad imposes a one year cap on no bid contracts with major oil firms to avoid clashing with long term deals due next June. Officials insist the agreements cover technical advice and equipment for a temporary boost in production while bidding on six big oil fields and two gas fields proceeds. Western firms face scrutiny over perceived advantages in the bidding.
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