Energy stocks rose Tuesday, as oil prices rose above the $82 a barrel. For the Latest information regarding Energy and Oil Stock, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Energy stocks rose Tuesday, as oil prices rose above the $82 a barrel. Royal Dutch Shell issued a bullish production outlook and the Federal Reserve kept its key lending rate unchanged, as expected. Energy stocks edged up after the Fed's announcement, close to their earlier highs. The sector jumped at midday, after Standard & Poor's confirmed Greece's sovereign ratings and oil broke briefly through to $82.05 a barrel.
The NYSE Arca Oil Index /quotes/comstock/10t!xoi.x (XOI 1,077, +9.50, +0.89%) rose 0.8% to 1,076, while the NYSE Arca Natural Gas Index /quotes/comstock/10t!xng.x (XNG 549.04, +0.10, +0.18%) advanced 0.3% to 550. Crude Oil contracts rose $1.96 to $81.763 a barrel, recovering from losses in the previous session.
Shell expects cash flow from operations will increase by about 50% from 2009 to 2012, assuming oil prices in the $60 range, and by more than 80%, assuming $80-a-barrel oil. It expects asset sales between $1 billion and $3 billion each year.
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