Oil settles higher as analysts forecast a weekly decline in U.S. crude supplies

Oil prices settled higher Tuesday, getting a lift from expectations that U.S. government data set for release Wednesday will show an eighth weekly decline in a row for crude stockpiles. September West Texas Intermediate crude rose 27 cents, or 0.6%, to settle at $47.64 a barrel on the New York Mercantile Exchange on the contract’s expiration day. The new front-month October contract tacked on 30 cents, or 0.6%, to settle at $47.83.

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Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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