Mariner (NYSE:ME) Rig Fire Pushes Oil Prices Up

Reports of an explosion and fire on a Gulf oil rig operated by Mariner Energy (NYSE:ME) helped push the price of oil futures past the $75 a barrel mark by the end of Thursday's session.

On the New York Mercantile Exchange, crude for October delivery increased $1.11, to $75.02 a barrel.

As usual this was an emotional response, as the rig was a production rig and not a exploration and drilling rig like the Deepwater Horizon connected to BP's (NYSE:BP) oil spill.

Production rigs collect oil and gas from remote wells, process it, and then transport it through a pipeline to shore.

These types of incidents are very common on rigs, and happen around the world and in the Gulf very frequently. Over 130 were reported in 2009 alone, and that was just those counted in the Gulf.

Either way, oil prices went up more because of the lack of information and media frenzy, rather than anything based on the circumstances surrounding the rig fire.

Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) Drop as Oil Falls

Exxon Mobil, Chevron Down with Oil Futures

Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) dropped in early trading as crude oil futures fell below $81 a barrel.

This wasn't a complete surprise, as it seems the market was looking for an excuse for a breather after a week of moving upward.

Pressures also came from ongoing concerns over Greek sovereign debt and the Reserve Bank of India surprisingly increasing its repurchase rate to 5 percent, something that caught the markets off guard.

Worries are circulating that China could be next in line to make a similar move.