1.Oil inches up ahead of key reports Oil futures shrugged off some slack Chinese data delivered over the weekend to trade slightly higher during Tuesday’s Asian session.On the New York Mercantile Exchange, light, sweet crude futures for July delivery inched up 0.08% to USD95.85 per barrel in Asian trading Tuesday after settling down 0.24% at USD95.80 a barrel on Monday in the U.S. Oil came under slight pressure Monday after a raft of data points revealed some weakness in the Chinese economy, the world’s second-largest. Over the weekend, China reported that its industrial output expanded by 9.2% in May compared with 9.3% in April, missing market calls for a gain of 9.3%. Elsewhere, government data revealed that China’s imports of crude oil fell 6% in May from a year earlier, to 23.95 million tons. China imported 23.08 million tons of crude in April. A separate report from China’s customs administration showed that China imported 116,000 million tons of crude in the first five months of this year, down 2% from the same period in 2012. China is the world’s second-largest oil consumer behind the U.S. Traders will now turn their attention to demand reports from the Organization of Petroleum Exporting Countries and the U.S. Department of Energy. Both reports are slated to be released later Tuesday. The U.S. Energy Department has pared its demand forecast in each of its last three reports. 2.Crude oil futures edge lower ahead of IEA report, U.S. supply data Crude oil futures were lower for the second consecutive day on Tuesday, as investors looked ahead to key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer. On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD95.34 a barrel during European morning trade, down 0.45% on the day. New York-traded oil prices held in a range between USD95.27 a barrel, the daily low and a session high of USD95.90 a barrel. Oil traders looked ahead to the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer. The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 1.3 million barrels. The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand. The International Energy Agency will also release its monthly report on global oil demand later in the session. Meanwhile, speculation that the Federal Reserve will begin to taper its asset purchase program continued following last week’s upbeat U.S. jobs data and after ratings agency Standard & Poor’s revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook. WWW.MTECHTIPS.COM 07489294118-119
Posted on: Tue, 11 Jun 2013 12:35:14 +0000
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