Oil slightly higher in Asia, data still in focus
Published Jan 15, 2013 08:50PM ET
On the New York Mercantile Exchange, light, sweet crude futures for February delivery rose 0.03% to USD93.94 per barrel in Asian trading Wednesday. Oil settled down 0.3% at USD94.31 per barrel in U.S. trading Tuesday.
Last week was light in terms of economic reports from the U.S., but that pace picked up on Tuesday, giving oil traders plenty to mull over. In U.S. economic news, the Commerce Department reported a 0.5% increase in retail sales for December compared with a 0.4% rise in November. Economists expected a December increase of just 0.2%.
The Labor Department said an index of wholesale prices fell 0.2% last month following a 0.8% decline in November. Excluding volatile food and energy prices, wholesale prices rose 0.1% in December and 2% for all of 2012.
The New York Empire State manufacturing index fell to -8.1 in December from -5.2 in November, well below the consensus estimate of -1. That is the fifth consecutive month the gauge has been in negative territory. The U.S. is the world’s largest oil consumer.
Elsewhere, U.S. API weekly crude stocks rose less-than-expected last month, official data showed on Tuesday.
In a report, American Petroleum Institute said that U.S. API Weekly Crude Stock rose to a seasonally adjusted annual rate of 0.05M, from 2.36M in the preceding month. Analysts had expected U.S. API Weekly Crude Stock to rise 2.02M last month.
U.S. API weekly gasoline stocks fell less-than-expected last month, official data showed on Tuesday.
In a report, American Petroleum Institute said that U.S.API Weekly Gasoline Stock fell to a seasonally adjusted 4.09M, from 7.93M in the preceding month. Analysts had expected U.S.API Weekly Gasoline Stock to fall to 3.05M last month.
Meanwhile, Brent crude for February delivery fell 0.12% to USD109.64 per barrel on the ICE Futures Exchange.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.