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Tuesday, August 14, 2012

Brent oil futures prices august 14 2012

Brent oil futures prices august 14 2012 : Brent oil futures on Tuesday were little changed near Monday's three-month high, balancing robust U.S. retail sales, tighter North Sea crude supplies and speculation about economic stimulus against weak euro zone GDP data.

U.S. crude futures held firm after data showing July retail sales rose for the first time in four months and producer prices climbed at the fastest pace in five months, both supportive signals for oil.

"I think the strength of the retail sales numbers and a good opening of the stock market is pushing up (oil) demand expectations," said Carl Larry, president of Oil Outlooks LLC in New York.

Brent for September delivery was up 13 cents at $113.73 a barrel, wavering on either side of unchanged after hitting a session high of $114.30.

Benchmark London crude was up nearly $8 month to date, pushing the contract above 71 on the 14-day Relative Strength Index, a technical signal that the contract is overbought.

September Brent is set to expire on Thursday, keeping investors cautious.

U.S. September crude gained 76 cents to $93.49, having hit a session high of $93.92.

Hopes that U.S. Federal Reserve Chairman Ben Bernanke would announce in a speech next month would renew bond purchases for a third round of quantitative easing to support the economy kept oil futures supported.

"Investors are building in expectations of a QE3 ahead of the Jackson Hole speech by Bernanke," said Harry Tchilinguirian, an oil analyst at BNP Paribas in London.

China is also expected to step up its response to a slowing growth rate after two rounds of interest rate cuts. Stimulus could come in the form of more infrastructure projects, that are seen raising demand for base metals and energy.

Oil investors also were keeping a watch over tensions in the Middle East that could affect supplies.

They were also gearing for weekly U.S. inventory data, the first set of which will come from the industry group American Petroleum Institute after the oil markets close.

A preliminary Reuters poll forecast that U.S. crude oil inventories fell 1.6 million barrels in the week to Aug. 10, declining for a third straight week on lower imports. D:nL2E8JD9ED] The more closely watched weekly report from the U.S. Energy Information Administration will be released Wednesday morning. (Additional reporting by Robert Gibbons and Janet McGurty in New York,

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