New York, May 26: In late US trade, oil at the NYMEX was just above 41$ a barrel. Oil prices dipped during the day's trading session on forecasts that Wednesday's inventory report will show that gas and oil supplies rose last week. Gasoline futures also slid during today's session. However, analysts said oil prices could still test new highs as concerns that even with Saudi Arabia's pledge to increase output, it may not be enough to meet rising global demand. After a four-day strike, SBC Communications and a union representing thousands of its workers reached a tentative new contract. The union says the new contract would save jobs, and SBC said the deal could save it nearly $2 billion over the next five years. Shares of SBC, the No. 2 US local telephone company fell half a percentage point for the day. Genworth Financial topped the New York Stock Exchange's most active list. The life and mortgage unit of General Electric traded lower in its market debut but then closed right near it's initial offering price of $19.50 a share.
The company raised $2.83 billion in its initial public offering on Monday. Two economic reports showed a slight rise in consumer confidence in May and an unexpected increase in home resales in April. Neither report had much effect on the market, traders said. Bureau Report