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Oil rally boosts energy sector; Alpha Natural reports narrower loss; Alliance rebounding
By Stephanie N. Rotondo
Phoenix, Feb. 12 – The distressed debt market was improving Thursday, helped by a strong jobs number and a cease-fire agreement between Ukraine and Russia.
Oil prices were also rallying, which helped to boost the energy sector.
West Texas Intermediate crude rose $2.38, or 4.87%, to $51.22 a barrel. Brent crude increased $2.39, or 4.37%, to $57.05.
Also higher were Alpha Natural Resources Inc.’s bonds. The debt was inching higher on the back of earnings that showed a narrower quarterly loss.
Alliance One International Inc. remained busy, as it has been since the company posted earnings earlier this week. Initially, the earnings weighed on the debt, but the bonds have been rebounding ever since.
“They are not quite to where they were, but they have recovered most of it,” a trader said.
Oil and gas bonds were moving up as oil prices rallied on Thursday.
Petroleos de Venezuela SA – which was downgraded by Standard & Poor’s on Wednesday – was gaining strength amid heavy activity, a trader said.
Among domestic names, Linn Energy LLC’s 8 5/8% notes due 2020 were a point higher at 88 5/8, according to one trader.
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