U.S. oil prices have rebounded and global prices pared losses Wednesday morning in up-and-down trading strongly connected to the dollar.
Light, sweet crude for July delivery recently traded up 15 cents, or 0.3%, to $58.18 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, traded down 53 cents, or 0.8%, $63.19 a barrel on ICE Futures Europe.
Crude futures initially gained ground Wednesday, but fell back and then took off again, mirroring moves in the dollar. The dollar pared gains Wednesday morning, with The Wall Street Journal Dollar Index up 0.2%. WSJ Reports.
On Wednesday, in the course of current trade, Shares of Freeport-McMoRan Inc. (NYSE:FCX), dropped -0.20%, and is now trading at $20.04.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas.
Kinder Morgan, Inc. (NYSE:KMI), lost -0.38% Wednesday. 4,391,121 shares changed hands as compared to its average daily volume of 8,761,660 shares.
Kinder Morgan, Inc. operates as an energy infrastructure and energy company in North America. The company operates through Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada, and Other segments.
During an Afternoon trade, Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL), gained 0.07%, and is now trading at $13.45, after the fabless semiconductor provider was upgraded to “overweight” from “equal weight” by analysts’ at Morgan Stanley (MS) recently.
The firm also raised the company’s price target to $17.50 from $15, representing a potential upside of 32% from the stock’s current price.
The upgrade comes after Friday’s sell off of the company’s stock as the company stated a 52% year over year decline in earnings to 13 cents per share on revenue that also fell 24% to $724 million.
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers mobile and wireless products comprising communications and applications processors; thin modems; and connectivity solutions, counting Wi-Fi, Bluetooth, near field communication, and FM; and mobile computing products, in addition to silicon solutions and Kinoma software.
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