As the price of crude oil again hit all-time highs, U.S.-traded shares of several European oil and gas companies followed suit.
The price of oil hit to a peak of $127.82 per barrel on the New York Mercantile Exchange, and light, sweet crude for June delivery settled up $2.17 at a record close of $126.29. That was nearly double its closing price of $62.55 one year ago.
In afternoon trading, U.S. shares of Norwegian oil company StatoilHydro ASA rose $1.62, or 4.1 percent, to $41.49. Earlier in the session, the stock, which trades as American Depositary Receipts, reached an all-time high of $41.57.
American Depositary Receipts, or ADRs, are securities that allow U.S. investors to trade shares of companies based overseas.
Total SA of France gained $2.86, or 3.3 percent, to $88.11, and peaked at $88.21.
Eni SpA of Italy advanced $2.49, or 3.1 percent, to $83.06, and reached a high of $83.07.
Royal Dutch Shell PLC picked up $2.82, or 3.5 percent, to $83.07.
Britain's BP PLC added $1.48, or 2 percent, to $74.74.
Oil and gas service ADRs also gained ground, as Acergy SA of Britain rose $1.57, or 5.9 percent, to $28, and CGGVeritas of France added $1.28, or 2.5 percent, to $52.35.
The Bank of New York Europe ADR index rose 2.06, or 1.1 percent, to $183.02 in late afternoon trading, while U.S. market indexes were mixed.
Terms & Conditions
RSS Headlines
Fool UK