Thursday, July 12, 2007

Supermajors Hit 52 Week Highs

Oil stocks hit new highs despite crude drop.

NEW YORK (MarketWatch) -- Oil stocks moved higher Thursday on expectations of fat second-quarter earnings even as crude-oil prices retreated from the $74 level and despite a downgrade of Royal Dutch Shell.

"Although Shell retains upside, we see upside plus catalysts in other companies. Shell remains a very long-term value play," UBS said.
It raised its price target on the firm to 2,300 pence, from 2,100 pence a share to reflect a stronger outlook for Shell's operating environment.
ConocoPhillips rose 2.5% to $87.75. Chevron jumped 1.6% to $92.22 and Exxon Mobil added 1.8% to $88.89.

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