NYMEX crude oil rebounds in Asia on bargain hunting after overnight drop.. Crude oil prices rebounded in Asia on Thursday on bargain hunting, but the underlying tone remained weak as ample global supplies weigh. NYMEX crude oil rebounds in Asia on bargain hunting after overnight dropNYMEX crude up in AsiaOn the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded at $80.48 a barrel, up 0.17%, after hitting an overnight session low of $81.13 a barrel and off a high of $83.13 a barrel. Brent oil fell 1.8% to $84.71 a barrel on ICE Futures Europe. Overnight, oil prices plunged after data revealed U.S. inventories rose more than three times markets were expecting, stoking growing concerns that the global market is awash in crude. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 7.1 million barrels in the week ended Oct. 17, far outpacing expectations for a gain of 2.7 million barrels. Total U.S. crude oil inventories stood at 377.7 million barrels as of last week. The report also showed that total motor gasoline inventories decreased by 1.3 million barrels, compared to forecasts for a decline of 1.0 million barrels, while distillate stockpiles increased by 1.0 million barrels. A stronger dollar depressed oil prices as well, making the commodity less attractive asset on exchanges denominated in the U.S. currency. The U.S. Labor Department reported earlier that consumer prices rose 0.1% in September, meeting estimates and following a 0.2% decline in August, which sent investors flocking to the greenback. Core consumer prices, which exclude food and energy costs, rose 0.1% in September, disappointing expectations for a 0.2% gain.. https://facebook/groups/1440994906133799/
Posted on: Thu, 23 Oct 2014 06:13:19 +0000
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