WTI oil futures higher on winter demand outlook
Investing.com
Published Feb 18, 2014 05:37AM ET
Winter demand outlook supports crude prices
Investing.com - Crude oil futures were higher on Tuesday, as the outlook for U.S. winter demand and the weaker U.S. dollar continued to underpin prices.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April were up 0.38% to $100.52, holding just below Monday’s high of $100.83.
Nymex oil futures were likely to find support at $100.06 a barrel, Friday’s low and resistance at USD101.38 a barrel, the high from February 12.
U.S. markets were closed for the Presidents Day holiday on Monday. Markets were set to reopen later Tuesday, with the weekly oil inventory report from the American Petroleum Institute postponed until Wednesday.
The Energy Information Administration's weekly inventory report was also pushed back by one day, to Thursday.
Crude prices remained supported as cold winter weather in the U.S. bolstered demand for the heating fuel.
Prices also received lingering support after data over the weekend showed that Chinese bank lending surged in January, boosting the outlook for economic growth in the coming months.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
The weaker dollar also supported commodities priced in dollars, such as crude oil and gold, making them cheaper for holders of other currencies.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for April delivery dipped 0.03% to trade at $109.15 a barrel, while the spread between the Brent and U.S. crude contracts stood at $8.63 a barrel.
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Written By: Investing.com
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