Nymex crude-oil futures are marginally higher in Asian trade Friday, after gaining 33 cents overnight. "The market is creeping up on the $100 psychological barrier, supported by a rising S&P 500 and the recent downtrend in U.S. commercial crude oil inventories," analyst Timothy Evans at Citi Futures says in a note.
Nymex crude-oil futures are marginally higher in Asian trade Friday,
after gaining 33 cents overnight. "The market is creeping up on the $100
psychological barrier, supported by a rising S&P 500 and the recent
downtrend in
U.S.
commercial crude oil inventories," analyst Timothy Evans at Citi Futures
says in a note. The EIA report on weekly
U.S.
oil
stockpiles for last week is due later Friday and markets expect a
2.2-million-barrel drop. Meanwhile Brent crude prices continue to respond to
geopolitics. Ethnic violence in
South Sudan
is
beginning to affect its oil sector with
India
's
ONGC Videsh, an oil-drilling company, saying it has suspended its operations
from Dec. 22 affecting around 41,000 bbl/day of output. However, some good news
emerged from
Libya
, with
officials saying oil exports from the Tobruk port may resume soon. Nymex crude
is up 10 cents at $99.65/bbl, Brent crude is down 3 cents at $111.95/bbl.
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