NYMEX-Crude choppy, slips on dollar, inventories
* Iran says no need for OPEC to meet even if oil at $120
* Dollar strength helps curb U.S. oil prices
* Coming up: API oil data, 4:30 p.m. EST Tuesday
NEW YORK, Feb 7 (Reuters) - U.S. crude oil futures prices fell in choppy trading on Monday, slipping as the dollar strengthened and on recent inventory builds in the United States, even as the uncertainty about unrest in Egypt kept Brent crude prices near $100 a barrel.
Any supply disruption resulting from the unrest in Egypt was seen having a more immediate consequence in Europe, helping Brent crude stay supported.
U.S. crude prices were pressured as recent U.S. oil inventory builds [EIA/S] and a tepid rise in U.S. nonfarm payrolls in January reported on Friday helped keep crude prices below $90 a barrel.
The euro/dollar broke below support at the 100-day simple moving average of $1.3532 in early New York trade. The euro was already under pressure after a weak reading of German industrial orders. [USD/]
The dollar index .DXY, measuring the greenback against a basket of currencies, was stronger.
* On the New York Mercantile Exchange, March crude CLH1 fell 48 cents, or 0.5 percent, to $88.55 a barrel at 9:01 a.m. EST (1401 GMT), trading from $88.22 to $89.54.
* U.S. heating demand this week is expected to be 14.1 percent above normal, the National Weather Service said. Demand for heating oil this week will average 7.5 percent above normal, while heating demand for natural gas will average 14.9 percent above normal, the NWS said. [ID:nSGE71606Q]
* Egyptian President Hosni Mubarak's new cabinet holds its first full meeting since an uprising started nearly two weeks ago, with no concrete progress in talks with Islamists and an opposition who demand his immediate exit. [ID:nLDE7150K3]
* Saboteurs blew up a pipeline that runs through Egypt's North Sinai, state television said, disrupting flows to Israel and Jordan, after Islamists called on militants to exploit the unrest that has rocked the government. [ID:nLDE7140BS]
* German industrial orders fell more than forecast in December on weak demand for capital goods from slowing economies outside the euro zone, economy ministry data showed. [ID:nLDE7160ZR]
* Iran's oil minister said on Sunday there would be no need for an emergency OPEC meeting even if oil prices hit $120 per barrel, the semi-official Mehr news agency reported. [ID:nMOS637004]
* Global oil prices could exceed $110 a barrel if political unrest in Egypt continues, a member of Kuwait's Supreme Petroleum Council said on Sunday. [ID:nLDE71505M]
* Iran showed off new missile and satellite technology, and told its enemies it had "complete domination" of the entrance to the oil-rich Gulf. [ID:nTER757914]
* U.S. stock index futures rose on growing hopes Europe will sort out its tangled debt issues and as metals prices advanced on bets of a stronger global economy. In addition, news of mergers and acquisitions indicated attractive stock valuations. [.N]
* Copper hit a new record on concerns about supply, especially from top producer Chile, and a stream of positive economic data recently boosted the outlook for industrial metals demand. Tin also hit a record on worries of supply constraints from top exporter Indonesia. [MET/L]
* World stocks were up and hovered near 29-month highs on optimism over global economic recovery. The euro dropped to a two-month low on a bigger-than-expected drop in German industrial orders. [MKTS/GLOB] [FRX/]
* Gold rose as it built on last week's gains and some Asian demand emerged as the Lunar New Year holiday approached its end. [GOL/]
* Conference Board releases its employment trend index for January at 10 a.m. EST (1500 GMT). December's index read 99.3.
* American Petroleum Institute oil inventory data at 4:30 p.m. EST (2130 GMT) on Tuesday. 9:03 LAST NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL CLc1 88.55 -0.48 -0.5% 88.22 89.54 57,279 290,494 CLc2 91.65 -0.20 -0.2% 91.35 92.42 35,235 127,187 LCOc1 100.01 0.19 0.2% 99.76 100.90 59,043 173,531 RBc1 2.4394 0.0039 0.2% 2.4353 2.4717 4,445 46,393 RBc2 2.5888 0.0046 0.2% 2.5828 2.6161 3,411 24,862 HOc1 2.7174 0.0007 0.0% 2.7093 2.7389 4,168 52,808 HOc2 2.7189 0.0008 0.0% 2.7104 2.7404 3,409 28,087 * NYMEX crude oil for March CLc1 fell 48 cents to $88.55 a barrel by 9:03 a.m. in volume of 57,279 lots. (Reporting by Robert Gibbons; Editing by John Picinich)
- Tweet this
- Share this
- Digg this