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NYMEX-US crude up towards $90, Syria violence supports
October 8, 2012 / 11:31 PM / 5 years ago

NYMEX-US crude up towards $90, Syria violence supports

SINGAPORE, Oct 9 (Reuters) - U.S. crude rose towards $90 a barrel on Tuesday after declining for two straight sessions, as escalating geopolitical risks offset pressure from global economic concerns.

FUNDAMENTALS

* NYMEX crude for November rose 38 cents to $89.71 a barrel in early Asia trading, after dropping 55 cents the previous session.

* Turkish President Abdullah Gul said on Monday the “worst-case scenarios” were now playing out in Syria and Turkey would do everything necessary to protect itself, as its army fired back for a sixth day after a shell from Syria flew over the border.

* The IMF cut its global growth forecast on Tuesday for the second time since April and warned U.S. and European policymakers that failure to fix their economic ills would prolong the slump.

* The World Bank cut its economic growth forecasts for East Asia and the Pacific region, saying there was a risk the slowdown in China could be deeper and more prolonged than expected by many analysts.

* Monday’s Columbus Day holiday for U.S. federal workers will delay weekly oil inventory reports this week. The American Petroleum Institute will release its data at 4:30 p.m. EDT (2030 GMT) on Wednesday, while U.S. Energy Information Administration data will arrive at 11 a.m. EDT on Thursday.

MARKETS NEWS

* Jitters over the euro zone debt crisis knocked the euro down from two-week highs with uncertainty about Spain persisting after euro zone finance ministers meeting in Luxembourg said the country did not yet need a bailout.

* Heading into the U.S. third-quarter corporate earnings reporting season -- which starts on Tuesday with a report from Alcoa -- analysts forecast earnings will fall 2.4 percent from the year-ago quarter. That would mark the first decline in three years.

* Germany’s trade surplus hit its highest level in five years in August after a surprise jump in exports while output dipped only slightly, highlighting the economy’s resilience to the euro zone crisis, although economists see a slowdown ahead.

DATA/EVENTS

* The following data is expected on Tuesday:

1145 U.S. ICSC chain stores yy Weekly

Reporting by Randy Fabi; Editing by Richard Pullin

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