On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX4, +0.09% traded at $91.67 a barrel at last check, up $0.11 in the Globex electronic session.
November Brent crude on London’s ICE Futures exchange LCOX4, -0.04% fell $0.10 to $96.75 a barrel.
Relatively stronger economic data from the U.S. explains why the U.S. dollar BUXX, -0.17% has been climbing in recent weeks, contributing to a risk-off trade flow across a broad range of commodities, analyst Tim Evans at Citi Futures said.
He said with the oil market already oversold, crude prices are unlikely to break down in a dramatic fashion, but the Brent crude contract for November delivery could continue to grind lower in line with its declining price trend.
Late Tuesday, the American Petroleum Institute — a trade group — said its data showed a 6.5-million-barrel drop in U.S. crude stocks in the week ended Sept. 19, while stocks of gasoline rose by 91,000 barrels and distillates rose by 3 million barrels.
The closely watched survey from the U.S. Energy Information Administration is due later Wednesday. Analysts expect U.S. oil inventories to have risen by 500,000 barrels.
Nymex reformulated gasoline blendstock for October RBV4, -0.33% — the benchmark gasoline contract — fell 87 points to $2.6200 a gallon, while October diesel traded at $2.6750, 82 points lower.
Source: marketwatch.com
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