Investing.com - Oil futures slipped modestly in Asian trading Thursday despite news of more monetary easing from the Federal Reserve and an increased demand outlook from the International Energy Agency.
On the New York Mercantile Exchange in Asian trading Thursday light, sweet crude futures for January delivery fell 0.24% to USD86.56 per barrel. The contract traded as high as USD86.74 and as low as USD86.54 per barrel.
On Wednesday, the International Energy Agency boosted estimates for oil consumption in the fourth quarter and 2013 due to improved economic activity in China, the world’s second-largest oil consumer. IEA said international oil consumption will average 90.5 million barrels a day in the current quarter. That is about 0.5% higher than the agency’s previous forecast.
For 2013, IEA expects global consumption of 90.5 million barrels per day. That forecast is up by 110,000 barrels per day from the prior estimate. IEA expects China to consume an average of 9.9 million barrels per day this quarter and an average of 9.8 million barrels per day next year.
Regarding oil production, the Organization of Petroleum Exporting Countries met in Vienna Wednesday. As many traders expected, the cartel did not alter its current production quota of 30 million barrels per day. OPEC member states account for 40% of global oil output.
The U.S. Energy Information Administration said oil inventories in the world’s largest oil-consuming nation jumped by 800,000 barrels last week to 373 million barrels. Analysts were expecting a decline in the weekly inventory data.
Futures rose 1.1% to USD86.77 in the U.S. session after the Federal Reserve said it purchase USD45 billion per month in short-term Treasuries for long-term U.S. government debt when Operation Twist expires at the end of this month.
Elsewhere, Brent futures for February delivery fell 0.3% to USD107.75 per barrel.
On the New York Mercantile Exchange in Asian trading Thursday light, sweet crude futures for January delivery fell 0.24% to USD86.56 per barrel. The contract traded as high as USD86.74 and as low as USD86.54 per barrel.
On Wednesday, the International Energy Agency boosted estimates for oil consumption in the fourth quarter and 2013 due to improved economic activity in China, the world’s second-largest oil consumer. IEA said international oil consumption will average 90.5 million barrels a day in the current quarter. That is about 0.5% higher than the agency’s previous forecast.
For 2013, IEA expects global consumption of 90.5 million barrels per day. That forecast is up by 110,000 barrels per day from the prior estimate. IEA expects China to consume an average of 9.9 million barrels per day this quarter and an average of 9.8 million barrels per day next year.
Regarding oil production, the Organization of Petroleum Exporting Countries met in Vienna Wednesday. As many traders expected, the cartel did not alter its current production quota of 30 million barrels per day. OPEC member states account for 40% of global oil output.
The U.S. Energy Information Administration said oil inventories in the world’s largest oil-consuming nation jumped by 800,000 barrels last week to 373 million barrels. Analysts were expecting a decline in the weekly inventory data.
Futures rose 1.1% to USD86.77 in the U.S. session after the Federal Reserve said it purchase USD45 billion per month in short-term Treasuries for long-term U.S. government debt when Operation Twist expires at the end of this month.
Elsewhere, Brent futures for February delivery fell 0.3% to USD107.75 per barrel.