SINGAPORE: Oil slipped on Thursday as traders paused following a 3 percent rally in the previous session, when encouraging jobs data in top consumer the United States and factory activity statistics from China sent prices to their highest levels in almost three weeks.
FUNDAMENTALS
Optimism that the U.S. would support debt-burned euro-zone countries, preventing potential defaults in the region, helped cement oil’s gains of 3.1 percent on Wednesday, when January crude jumped $2.64.
On Thursday, the front-month contract retreated 12 cents to $86.63 a barrel at 0315 GMT, staying $2 away from a 25-month peak of $88.63 reached on Nov. 11.
China’s monetary policy is sure to gradually tighten next year as the government moves to counter excessive global liquidity and domestic price pressures, a central bank adviser said in comments published on Thursday.
Production from factories in China, the world’s second-largest oil user, reached a seven-month high in November.
U.S. private sector payrolls rose by the most in three years in November, lifting optimism about the job market ahead of Friday’s monthly government employment report, while manufacturing data showed growth was intact.
The European Central Bank is under pressure to unveil new steps to stabilize the euro zone when it meets Thursday as the currency bloc battles a crippling debt crisis that has stoked contagion fears in the United States and Asia.
U.S. crude oil inventories rose 1.1 million barrels last week, the U.S. Energy Information Administration said on Wednesday, against the forecast for a 900,000 drawdown.
But East Coast gasoline stocks fell 937,000 barrels last week, one of only two regions where supplies of the motor fuel declined in that period, EIA data showed. Overall, U.S. gasoline stocks rose modestly last week, according to the EIA, while distillate stocks fell by 194,000 barrels.
MARKETS NEWS
Japan’s Nikkei share average rose 2 percent to a fresh five-month high on Thursday, after Wall Street gained the most in three months on talk of bold steps to resolve the EU’s debt crisis.
The euro held on to overnight gains early in Asia on Thursday, having posted its biggest one-day rise in six weeks in a dramatic turnaround as the market cut short positions ahead of the European Central Bank policy meeting.
SINGAPORE: Oil slipped on Thursday as traders paused following a 3 percent rally in the previous session, when encouraging jobs data in top consumer the United States and factory activity statistics from China sent prices to their highest levels in almost three weeks.
FUNDAMENTALS
Optimism that the U.S. would support debt-burned euro-zone countries, preventing potential defaults in the region, helped cement oil’s gains of 3.1 percent on Wednesday, when January crude jumped $2.64.
On Thursday, the front-month contract retreated 12 cents to $86.63 a barrel at 0315 GMT, staying $2 away from a 25-month peak of $88.63 reached on Nov. 11.
China’s monetary policy is sure to gradually tighten next year as the government moves to counter excessive global liquidity and domestic price pressures, a central bank adviser said in comments published on Thursday.
Production from factories in China, the world’s second-largest oil user, reached a seven-month high in November.
U.S. private sector payrolls rose by the most in three years in November, lifting optimism about the job market ahead of Friday’s monthly government employment report, while manufacturing data showed growth was intact.
The European Central Bank is under pressure to unveil new steps to stabilize the euro zone when it meets Thursday as the currency bloc battles a crippling debt crisis that has stoked contagion fears in the United States and Asia.
U.S. crude oil inventories rose 1.1 million barrels last week, the U.S. Energy Information Administration said on Wednesday, against the forecast for a 900,000 drawdown.
But East Coast gasoline stocks fell 937,000 barrels last week, one of only two regions where supplies of the motor fuel declined in that period, EIA data showed. Overall, U.S. gasoline stocks rose modestly last week, according to the EIA, while distillate stocks fell by 194,000 barrels.
MARKETS NEWS
Japan’s Nikkei share average rose 2 percent to a fresh five-month high on Thursday, after Wall Street gained the most in three months on talk of bold steps to resolve the EU’s debt crisis.
The euro held on to overnight gains early in Asia on Thursday, having posted its biggest one-day rise in six weeks in a dramatic turnaround as the market cut short positions ahead of the European Central Bank policy meeting.
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