Oil Falls Ahead of U.S. Weekly Crude Inventories Data; Gold Weaker


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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 pound.

Total SA ( TOT ) 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 business Wednesday.

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 ( STL ) and ExxonMobil Corp ( XOM ).

In the mining sector, investors will be monitoring closely a Wall Street Journal report that said JP Morgan Chase & Co ( JPM ) 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
More Headlines for: JPM , STL , TOT , XOM

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