Crude oil futures edged higher during European morning hours on
Wednesday, as traders looked ahead to closely-watched weekly supply data
on U.S. stockpiles of crude and refined products from the U.S. Energy
Information Administration later in the day.
Gains were limited as investors awaited the results of an Italian government bond auction later in the day
On the New York Mercantile Exchange, light sweet crude futures for delivery in April traded at USD92.94 a barrel during European morning trade, up 0.35% on the day.
New York-traded oil prices rose by as much as 0.5% earlier in the day to hit a session high of USD93.04 a barrel.
Oil traders looked ahead to data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer.
The report was expected to show that U.S. crude oil stockpiles increased by 2.4 million barrels last week, while gasoline inventories were forecast to fall by 0.9 million barrels.
After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 0.9 million barrels last week, while gasoline stocks declined 1.44 million barrels.
Meanwhile, investors were looking ahead to an auction of Italian five- and ten-year government bonds later in the session after the country’s general election resulted in a deadlock.
Italian election’s ended with no party or coalition in control of the Senate, raising the threat of a prolonged period of political instability and potentially reigniting the crisis in the euro zone.
Italian 10-bond yields rose to the highest level since December on Tuesday, climbing to 4.91% from 4.37% on Monday, while the yield on Spanish 10-year bonds rose to 5.5% from 5.1% on Monday.
Prices remained supported after Federal Reserve Chairman Ben Bernanke defended the central bank's easing program in testimony to the Senate on Tuesday and amid indications the U.S. economic recovery is gathering momentum.
Ben Bernanke was to testify on monetary policy for a second day later Wednesday.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for April delivery added 0.35% to trade at USD113.13 a barrel, with spread between the Brent and crude contracts standing at USD20.19 a barrel.
Gains were limited as investors awaited the results of an Italian government bond auction later in the day
On the New York Mercantile Exchange, light sweet crude futures for delivery in April traded at USD92.94 a barrel during European morning trade, up 0.35% on the day.
New York-traded oil prices rose by as much as 0.5% earlier in the day to hit a session high of USD93.04 a barrel.
Oil traders looked ahead to data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer.
The report was expected to show that U.S. crude oil stockpiles increased by 2.4 million barrels last week, while gasoline inventories were forecast to fall by 0.9 million barrels.
After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 0.9 million barrels last week, while gasoline stocks declined 1.44 million barrels.
Meanwhile, investors were looking ahead to an auction of Italian five- and ten-year government bonds later in the session after the country’s general election resulted in a deadlock.
Italian election’s ended with no party or coalition in control of the Senate, raising the threat of a prolonged period of political instability and potentially reigniting the crisis in the euro zone.
Italian 10-bond yields rose to the highest level since December on Tuesday, climbing to 4.91% from 4.37% on Monday, while the yield on Spanish 10-year bonds rose to 5.5% from 5.1% on Monday.
Prices remained supported after Federal Reserve Chairman Ben Bernanke defended the central bank's easing program in testimony to the Senate on Tuesday and amid indications the U.S. economic recovery is gathering momentum.
Ben Bernanke was to testify on monetary policy for a second day later Wednesday.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for April delivery added 0.35% to trade at USD113.13 a barrel, with spread between the Brent and crude contracts standing at USD20.19 a barrel.
No comments:
Post a Comment