Oil is falling in early morning trade as market players eye the
release of the latest weekly U.S. crude stockpile data to be
released by the Department of Energy at 1030 ET. The American
Petroleum Institute reported Tuesday that inventories increased by
6.4 million barrels and analysts expect the Energy Department also
to report a rise in stockpiles.
Gold too is lower as investors remain on their toes on the
prospect of further monetary easing by the Federal Reserve to
jump-start the lackluster economy.
At 0750 ET, Brent crude is down 0.8% at $82.96 a barrel, while
light sweet crude is 0.9% lower at $81.77 a barrel, and natural gas
is 1.4% weaker at $3.31 a million British thermal units.
Gold is down 0.5% at $1,332.00 an ounce, while silver is down
0.76% at $23.69 an ounce, and copper is down 1.8% at $3.80 a
Total SA (
) is down over 1% pre-market on the NYSE after France's oil
refinery workers agreed to go back to work at three of the
country's 12 refineries. Energy Minister Jean-Louis Borloo said
that 80% of the country's service stations should be back in
Royal Dutch Shell plc (RDSA) will sell its Finnish and Swedish
operations to Finland's privately held St1 for $640 million. St1
produces biofuel and runs gas stations across Scandinavia and
currently purchases some of its oil from Norway's Statoil ASA (
) and ExxonMobil Corp (
In the mining sector, investors will be monitoring closely a
Wall Street Journal report that said JP Morgan Chase & Co (
) was involved in manipulative silver trading. The daily also said
that lawyers at the U.S. Commodity Futures Trading Commission have
been interviewing JP Morgan employees in the metals trading
business in recent months.
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