NYMEX-Crude falls for third day on Europe worries

TOKYO, Sept 26 Tue Sep 25, 2012 8:50pm EDT

Related Topics

TOKYO, Sept 26 (Reuters) - U.S. crude futures fell for a third day on Wednesday, hurt by renewed concerns on Europe's debt crisis and over slower global growth.

FUNDAMENTALS

* NYMEX crude for November delivery was down 36 cents at $91.01 a barrel by 0046 GMT, after settling down 56 cents at $91.37 on Tuesday.

The contract fell as far as $90.57 in post-settlement trading on Tuesday, its lowest since $87.23 hit on Aug. 3.

* London Brent crude for November delivery dropped 41 cents at $110.04 a barrel, after settling up 64 cents due to festering tensions over Iran.

Brent and U.S. crude futures jumped to four-month peaks on Sept. 14, the day after the U.S. Federal Reserve launched its latest monetary stimulus programme.

* Scenes of large-scale protests against anti-austerity measures in Spain rekindled fears about the region's three-year-old debt crisis.

Madrid plans to announce a new round of unpopular austerity measures for the 2013 budget on Thursday and will also likely set a fresh timetable for economic reforms later this week.

* U.S. crude oil stocks rose 335,000 barrels last week, against expectations for a rise of 900,000 barrels, American Petroleum Institute data showed after Tuesday's settlement.

Gasoline stocks rose 112,000 barrels, slightly below an expected build of 200,000 barrels, while distillate stocks unexpectedly fell 483,000 barrels last week.

The market is now waiting for the release of weekly data from the U.S. Energy Information Administration later in the day.

* U.S. President Barack Obama on Tuesday said the United States will "do what we must" to prevent Iran from acquiring a nuclear weapon and in the same speech at the United Nations accused Tehran of helping to keep a dictatorship in power in Syria.

MARKETS NEWS

* The S&P 500 suffered its worst day since June on Tuesday, pulled lower by Caterpillar Inc after it cut its profit outlook, the latest high-profile company to warn about profit growth.

* The yen pushed higher while the euro remained around one-week lows against the dollar in early Asian trade on Wednesday, pressured by concern about Spain's hesitancy to request a bailout.

DATA/EVENTS

* The following data is expected on Wednesday: (Time in GMT)

- 1100 U.S. Mortgage market index

- 1400 U.S. New home sales August

- 1430 U.S. EIA weekly oil data

- NYMEX October 2012 natural gas futures expiry (Reporting by Osamu Tsukimori; Editing by Joseph Radford)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.