Crude oil futures steady as markets focus on Cyprus, Italy
Published Mar 28, 2013 05:14AM ET
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD96.55 a barrel during European morning trade, down 0.03%.
Investors remained cautious as Italian centre-left leader Pier Luigi Bersani seemed to have only slim hope of forming a government after talks with rival party leaders ended on Wednesday with rejection from Beppe Grillo's 5-Star Movement.
Markets were also jittery as Cyprus prepared to reopen its banks for the first time in nearly two weeks, with fears of bank runs prompting the government to impose a number of controls, including limiting withdrawals and banning cheques.
On Wednesday, a report by the National Association of Realtors showed that the U.S. pending home sales index slipped 0.4% in February as limited inventory curtailed the market in many areas, but remained at the second highest level in nearly three years.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery slid 0.30% to trade at USD109.36 a barrel, with the spread between the Brent and crude contracts standing at USD12.81 a barrel.
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Written By: Investing.com
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