Oil traded near an eight-week high in New York after equities slipped and orders for U.S. capital goods increased the most since March.
Futures retreated yesterday after stocks declined for the third time in four days and the dollar advanced against the euro, limiting investors need for commodities to hedge against inflation. The Commerce Department reported that orders for non- military capital goods excluding planes climbed 5.1 percent. An Energy Department report tomorrow will probably show crude supplies rose last week, according to a Bloomberg News survey.
“Global markets all played to the same tune last night, increased risk aversion,” David Taylor, a market analyst at CMC Markets Ltd. in Sydney, said in an e-mailed note. “Money flowed into the U.S. dollar and treasuries and away from just about everything else.”
The November contract traded at $81.40 a barrel, down 7 cents, in electronic trading on the New York Mercantile Exchange at 11:13 a.m. Sydney time. Yesterday it lost 11 cents to $81.47. Oil closed at $81.58 on Oct. 1, the highest level since Aug. 5. Prices are up 2.5 percent this year.
The Standard & Poor’s 500 Index dropped 0.8 percent to 1,137.03 at the 4 p.m. close in New York, and the Dow Jones Industrial Average shed 0.7 percent to 10,751.27.
The dollar strengthened from a six-month low against the euro as concern that Europe’s major banks are undercapitalized made the region’s assets less attractive. The U.S. currency traded at $1.3676 after falling 0.8 percent yesterday.
Crude Stockpiles
U.S. oil stockpiles probably gained 1 million barrels from 357.9 million last week, according to the median of 11 analyst estimates before an Energy Department report. It would put inventories at their highest level since Sept. 3.
Refineries probably operated at 85.35 percent of capacity, down 0.45 percentage point from the previous week, according to the Bloomberg survey. That would be the lowest level since April. Rates dropped 2 percentage points in the week ended Sept. 24.
Gasoline stockpiles probably fell 250,000 barrels from 222.6 million, the survey shows.
Brent crude for November settlement traded at $83.18 a barrel, down 10 cents, on the London-based ICE Futures Europe exchange. Yesterday it slipped 47 cents, or 0.6 percent, to end the session at $83.28.
To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net
To contact the editor responsible for this story: Clyde Russell at crussell7@bloomberg.net
http://jodnet.blogspot.com
Futures retreated yesterday after stocks declined for the third time in four days and the dollar advanced against the euro, limiting investors need for commodities to hedge against inflation. The Commerce Department reported that orders for non- military capital goods excluding planes climbed 5.1 percent. An Energy Department report tomorrow will probably show crude supplies rose last week, according to a Bloomberg News survey.
“Global markets all played to the same tune last night, increased risk aversion,” David Taylor, a market analyst at CMC Markets Ltd. in Sydney, said in an e-mailed note. “Money flowed into the U.S. dollar and treasuries and away from just about everything else.”
The November contract traded at $81.40 a barrel, down 7 cents, in electronic trading on the New York Mercantile Exchange at 11:13 a.m. Sydney time. Yesterday it lost 11 cents to $81.47. Oil closed at $81.58 on Oct. 1, the highest level since Aug. 5. Prices are up 2.5 percent this year.
The Standard & Poor’s 500 Index dropped 0.8 percent to 1,137.03 at the 4 p.m. close in New York, and the Dow Jones Industrial Average shed 0.7 percent to 10,751.27.
The dollar strengthened from a six-month low against the euro as concern that Europe’s major banks are undercapitalized made the region’s assets less attractive. The U.S. currency traded at $1.3676 after falling 0.8 percent yesterday.
Crude Stockpiles
U.S. oil stockpiles probably gained 1 million barrels from 357.9 million last week, according to the median of 11 analyst estimates before an Energy Department report. It would put inventories at their highest level since Sept. 3.
Refineries probably operated at 85.35 percent of capacity, down 0.45 percentage point from the previous week, according to the Bloomberg survey. That would be the lowest level since April. Rates dropped 2 percentage points in the week ended Sept. 24.
Gasoline stockpiles probably fell 250,000 barrels from 222.6 million, the survey shows.
Brent crude for November settlement traded at $83.18 a barrel, down 10 cents, on the London-based ICE Futures Europe exchange. Yesterday it slipped 47 cents, or 0.6 percent, to end the session at $83.28.
To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net
To contact the editor responsible for this story: Clyde Russell at crussell7@bloomberg.net
http://jodnet.blogspot.com
0 التعليقات
Post a Comment