Thursday, August 9, 2012

Crude oil futures prices 8/9/2012

Crude oil futures prices 8/9/2012 : Crude oil futures were higher on Thursday, as stronger-than-forecast U.S. economic data boosted the outlook for economic growth in the world’s largest crude-oil consumer.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD93.73 a barrel during U.S. morning trade, up 0.41%.

Crude oil gained ground after the Department of Labor said the number of people who filed for unemployment assistance in the U.S. declined to 361,000 last week, from an upwardly revised 367,000 in the previous week, against expectations for an increase to 370,000.

A separate report showed that the U.S. trade deficit dropped to USD42.9 billion in June, its lowest level in two-and-a-half years on the back of lower oil prices, from a downwardly revised USD48.0 billion the previous month.

Analysts had expected a U.S. trade deficit of USD47.5 billion in June.

Oil prices also remained supported after Wednesday’s weekly inventory report from the U.S. Department of Energy showed a larger than expected drawdown of crude and petroleum products last week.

The U.S. Energy Information Administration said U.S. crude oil inventories decreased by 3.7 million barrels in the week ending August 3, more than forecasts for a decline of 0.26 million barrels.

Total gasoline stocks fell by 1.8 million barrels, while distillate stocks, which include heating oil and diesel, decreased by 0.7 million barrels, the EIA said.

Meanwhile, hopes that the European Central Bank will soon move to cut high Spanish and Italian borrowing costs faded as investors waited for more details of the bank’s proposed bond buying program to emerge.

But hopes for central bank stimulus were kept alive after data overnight showing that Chinese inflation slowed in July indicated that China’s central bank has more scope for monetary easing, following interest rates cuts in June and July.

Meanwhile, persistent worries over instability in the Middle East and fears over disruptions to supplies ahead of upcoming maintenance in the North Sea supported oil prices.

On the London based ICE Futures Exchange, Brent oil futures for September delivery were up 0.23% to trade at USD112.39 a barrel, with the spread between the Brent and crude contracts standing at USD18.66.

For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today
For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

No comments:

Post a Comment