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Oil steadies in Europe, awaits another key US data

LONDON (Commodity Online) : Oil remains steady in European trade Wednesday ahead of a crucial energy report by the US Energy Department.

Light sweet crude for November delivery was seen trading at $82.58 a barrel at 12.00 noon London time while Brent crude was at $84.52 a barrel on the ICE Futures exchange.

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In other Nymex trading in November contracts, heating oil was down 0.72 cent at $2.2954 a gallon and gasoline fell 0.25 cent to $2.123 a gallon. Natural gas rose 2.4 cents to $3.767 per 1,000 cubic feet.

US Energy Department's Energy Information Administration reports its weekly supply data later Wednesday.

Investors are also looking ahead to Friday's nonfarm payrolls data for September. Most analysts expect the figures to show the U.S. economy is not creating a significant amount of jobs.

Oil prices broke out of a year-long range between $70 and $80 last week as global stocks rallied and the U.S. dollar fell.

Crude traders often look to stock markets as a measure of overall investor sentiment while oil becomes cheaper for investors with foreign currencies when the dollar drops.

However, the expectation of fresh indicators added a note of caution, dampening the rise.

A report by the American Petroleum Institute late Tuesday showed U.S. crude supplies unexpectedly jumped last week, suggesting demand may be weaker than anticipated.

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


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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