💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

NYMEX-Crude edges up ahead of economy data

Published 07/04/2011, 07:45 PM
Updated 07/04/2011, 07:48 PM
XOM
-

TOKYO, July 5 (Reuters) - U.S. crude futures edged up on Tuesday to remain above $95 a barrel, ahead of data gauging the strength of the world's top oil consumer.

FUNDAMENTALS

* NYMEX crude for August delivery was up 20 cents at $95.14 a barrel by 2334 GMT. There was no settlement on Monday because of the July 4 holiday.

* London Brent crude for August delivery has not yet traded.

* The market was waiting for data on U.S. factory orders due out later in the day.

* U.S. oil inventory data from industry group the American Petroleum Institute and the government's Department of Energy will be delayed by a day to Wednesday and Thursday respectively, due to the Independence Day holiday.

* U.S. Montana Governor Brian Schweitzer on Monday said authorities will review the safety of all oil and gas pipelines which cross waterways in the state and close those that do not meet standards.

Schweitzer said he made the move after a spill early Saturday from an Exxon Mobil pipeline released into the rain-swollen Yellowstone River near Billings up to 1,000 barrels of oil, or 42,000 gallons.

* Petrobras said on Monday it had made two additional discoveries of oil and gas in a concession it partly owns off the coast of Brazil's Espirito Santo state.

The discoveries were made 115 kilometers from the coast in the BM-ES-23 concession, in block ES-M-525 and at a water depth of 1,900 meters. No estimate of the size of the find was given.

MARKETS NEWS

* European shares rose on expectations that U.S. economic recovery remained on track, although banks fell on Standard & Poor's negative view on the private sector involvement in a second Greek bailout package.

* The euro remained off a one-month high.

DATA/EVENTS

* The following data is expected on Tuesday: (Time in GMT)

- 0430 Australia RBA cash rae Jul

- 0758 EZ Markit Services PMI Jun

- 1400 U.S. Factory orders May

- 1400 U.S. Durable goods May-R

- 1500 U.S. USDA export inspections Weekly

- 2000 U.S. USDA crop progress Weekly

(Reporting by Osamu Tsukimori; Editing by Joseph Radford)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.