🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Crude oil futures gain in Asian trade

Published 08/09/2011, 09:08 PM
Updated 08/09/2011, 09:11 PM
LCO
-
CL
-
Investing.com - Crude oil futures rose in early Asian trade Tuesday, aided by a rebound on Wall Street and a commitment from the U.S. Federal Reserve to maintain its easy money policy.

On the New York Mercantile Exchange light, sweet crude futures for September delivery traded at USD81.22 a barrel during early Asian trade, up 0.06%, after hitting a daily low of USD81.06.

Oil prices have been down USD13 a barrel since the beginning of August.

Brent and U.S. crude futures recovered from lows Tuesday, mirroring the rocky performance of U.S. stocks that ended the trading sharply higher after Monday’s more than 6% plunge.

Meanwhile, in its monthly report Tuesday, the Organization of Petroleum Exporting Countries lowered its forecast for oil demand throughout this year and into 2012.

The OPEC report cited “economic worries along with high oil prices” as having reduced demand in developed countries, leading to weaker than expected consumption during the summer driving season.

OPEC forecast oil demand to grow 1.2 million barrels a day in 2011, 150,000 barrels fewer than in its previous report. Its 2012 forecast of growth in world oil demand stood at 1.3 million barrels a day.
 
Later in the day, the U.S. Energy Department‘s Energy Information Administration maintained its forecast for global oil demand for 2011 and 2012, saying world consumption would grow by 1.4 million barrels a day in 2011, and 1.6 million barrels a day in 2012.

On the ICE Futures Exchange Brent oil futures for September delivery fell 0.36% to trade at USD104.35.

The U.S. Energy Information Administration was scheduled to release weekly crude oil and gasoline inventory figures on Wednesday.




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.