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NYMEX: U.S. oil slips but remains above $100

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[December 30, 2013]  SINGAPORE, Dec 30 (Reuters)  U.S. crude oil futures slipped on Monday but remained above $100 per barrel, after posting the biggest gain in more than two months, fueled by a decline in U.S. oil inventories.

FUNDAMENTALS

  • U.S. crude futures for February delivery edged down to $100.23 a barrel by 0038 GMT, down from $100.32 on Friday, but still the highest level since October 21.

  • Brent crude for February delivery rose to $112.33 a barrel up 15 cents from $112.18 on Friday, and the highest level since December 3.

  • U.S. crude stocks fell by 4.7 million barrels to 368 million barrels in the week ending December 20, according to data from the Energy Information Administration, prompting U.S. oil prices to gain over $1 a barrel on Friday.

  • Negotiators from Iran and six world powers will resume talks later today on how to roll out last month's landmark nuclear deal.


  • Oil security guards in Libya are threatening to block a gas pipeline in what would be an escalation of a wave of strikes at oilfields and export terminals that have reduced the country's oil exports to a trickle.

  • Production is returning to normal after workers ended strikes at five Total refineries in France, action which undermined Brent oil prices.

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MARKETS NEWS

Asian markets looked to run out the year with a flourish on Monday, with Japanese shares again set to lead the way and on course to gain almost 56 percent in 2013.

DATA/EVENTS

The following data is expected on Monday:

  • U.S. pending home sales

  • Dallas Fed Tex manufacturing index

(Reporting by Keith Wallis; editing by Michael Perry)

[ 2013 Thomson Reuters. All rights reserved.]

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