May 22, 2012 / 1:50 AM / 7 years ago

NYMEX-Crude edges up, stays above $92; Iran talks eyed

PERTH, May 22 (Reuters) - U.S. crude inched up on Tuesday,
extending gains from the previous session when prices snapped
out of a six-day losing streak on hopes Beijing would take
action to stimulate growth. 	
    Investors are now waiting for results of renewed talks
between Iran and major powers over Tehran's nuclear program
later this week for further trading cues.	
      	
    FUNDAMENTALS  	
    * U.S. crude rose 6 cents to $92.63 at 0118 GMT,
after settling 1.19 percent higher at $92.57 a barrel in New
York on Monday. Crude for June delivery expires on
Tuesday.  	
    * ICE Brent crude rose 12 cents to $108.93 a barrel.	
    * The U.S. Senate unanimously approved on Monday a package
of new economic sanctions on Iran's oil sector just days ahead
of a meeting in Baghdad between major world powers and Tehran.
 	
    * The U.N. nuclear watchdog chief held talks in Tehran on
Monday ahead of a meeting between major powers and Iranian
officials this week, but there was no immediate sign of a
breakthrough in the tense confrontation over Iran's nuclear
programme.  	
    * The U.S. labor market will strengthen significantly next
year, with monthly job growth expected to average 200,000 and 
the unemployment rate at 7.5 percent, a forecast from the
National Association of Business Economics showed.
 	
    * Iran plans a new oil terminal outside the Strait of Hormuz
to protect its exports against potential problems in the Gulf
and to increase shipments of Caspian oil, the oil ministry said.
  	
    * A suicide bomber in army uniform killed more than 90
soldiers in the heart of the Yemeni capital on Monday and an al
Qaeda affiliate threatened more attacks if a U.S.-backed
campaign against militants in the front-line state did not
stop. 	
    * Traders will look for fundamental guidance on Tuesday when
the industry group American Petroleum Institute issues its
weekly petroleum inventory report. That will be followed on
Wednesday by the federal Energy Information Administration's
weekly report. A Reuters poll of analysts forecast that domestic
crude inventories rose 1.0 million barrels last week, rising for
the ninth straight week.  	
    
    MARKETS NEWS    
    * The euro held firm on Tuesday as market players reduced
their bets against it, taking note of the chances that
Wednesday's informal meeting of European leaders may produce
measures to bolster investor confidence in the currency zone.
 	
    * Markets kept gains on Tuesday after reclaiming some ground
to move off lows for the year the day before, as hopes grew that
Europe would embark on fresh action to address its debt crisis
while promoting growth. 	
    * Gold traded little changed on Tuesday, as investors waited
for the European Union summit that is expected to discuss fresh
action to solve the region's debt crisis that has been
threatening global growth. 	
     	
 DATA/EVENTS (GMT) 
 0800 OECD latest economic outlook 
 1145 U.S. ICSC chain stores yy Weekly              
 1400 U.S. Existing home sales Apr             
 1400 EZ Euroilstock refinery output Apr             
 1400 EZ Euro zone consumer confidence May 
 1400 U.S. Richmond Fed manufacturing, services index May 
 2030 U.S. API weekly crude stocks Weekly              
 2030 U.S. API weekly dist. stocks Weekly              
 2030 U.S. API weekly gasoline stk Weekly             
 	
 (Reporting by Rebekah Kebede; Editing by Himani Sarkar)
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