SINGAPORE Nov 14 U.S. crude futures slipped in
early Asian trade on Wednesday, declining for a third day after
the International Energy Agency further cut its demand outlook
for the fourth quarter and 2013 amid a rebound in oil exports
from sanctions-hit Iran.
The U.S. benchmark fell 5 cents to $85.33 a barrel by
0028 GMT, after settling 19 cents down and touching an intraday
low of $84.57, the lowest since Nov. 9. Brent crude
ended 81 cents lower, sliding for a second day.
* Iranian oil output rose in October after seven months of
decline due to Western sanctions and its exports rebounded
strongly as China and South Korea bought more oil, the West's
energy watchdog said.
The IEA also cut estimates for global oil demand for the
fourth quarter of 2012 by around 300,000 bpd, due to Hurricane
Sandy. It forecast a demand increase of 670,000 bpd this year
and 830,000 bpd in 2013 to 90.4 million bpd -- 100,000 bpd lower
than it assumed last month.
* Nexen Inc said its Buzzard oil field in the North
Sea suffered a power outage on Sunday, halting production, but
came back on stream Monday.
* U.S. crude oil inventories were forecast to have risen
last week while product stocks were seen falling as big East
Coast refineries have yet to resume normal operations after
disruptions caused by Hurricane Sandy, a preliminary Reuters
poll of analysts showed.
* Iran unveiled new missile and artillery systems on
Tuesday, Iranian media reported, on the second day of
large-scale military exercises which officials said were aimed
at sending a warning to those threatening the Islamic Republic.
* U.S. Treasury Secretary Timothy Geithner on Tuesday warned
against extending all U.S. tax breaks to give Washington
additional time to broker a deficit reduction deal, saying it
would create more uncertainty in the markets.
* The euro hit a more than two-month low against the dollar
and a one-month trough versus the yen on Tuesday, weighed down
by delays in aid for debt-burdened Greece and persistent
uncertainty about whether Spain will seek a bailout.
* Japan's Nikkei share average edged up early Wednesday, but
concerns about a potential U.S. fiscal crisis and Europe's debt
woes could cap gains.
* The following data is expected on Wednesday:
- 1000 Euro zone Industrial production Sep
- 1330 U.S. Retail sales Oct
- 1330 U.S. Producer price index Oct
- 1500 U.S. Business inventories Sep
- 1900 Federal Open Market Committee minutes of Oct. 23-24
(Reporting by Manash Goswami; Editing by Richard Pullin)