August 27, 2013 / 12:37 AM / 4 years ago

NYMEX-U.S. oil rises above $106 on Syria concerns

SINGAPORE, Aug 27 (Reuters) - U.S. crude rose above $106 a barrel on Tuesday amid jitters in the Middle East as the United States and its allies discussed possible action against the Syrian government following a chemical weapons attack in Syria.

FUNDAMENTALS

* U.S. crude for October delivery rose 53 cents to $106.45 a barrel by 0016 GMT, after falling 0.47 percent the previous day as data showed U.S. durable goods orders had dropped the most in nearly a year.

* Brent crude for October was at $111.12, up 39 cents.

* The United States put Syrian President Bashar al-Assad on notice on Monday that it believes he was responsible for using chemical weapons against civilians last week in what Secretary of State John Kerry called a "moral obscenity."

Military chiefs from the United States and its European and Middle Eastern allies met in Jordan for what could be a council of war, should they decide to punish Assad, who has denied using chemical weapons and blamed rebels for staging such attacks.

* Libya's Marsa al-Brega oil port successfully loaded its first crude oil tanker over the weekend after re-opening at the start of last week when worker strikes ended, according to AIS Live ship-tracking data on Reuters.

* Iran's oil exports are being hurt by current high prices that make it more economical for rivals like the United States to produce more costly oil, Iran's new energy minister said in an interview published by his ministry's website.

* U.S. commercial crude oil stockpiles are forecast to have fallen last week as refinery utilisation rates hover around high levels, and gasoline inventories likely dipped primarily due to seasonal factors, a preliminary Reuters poll of five analysts showed.

* The Obama administration warned Congress on Monday that the United States could run out of money to pay its bills soon after mid-October if lawmakers do not move swiftly to raise a limit on government borrowing.

* China's economy is showing clear signs of stabilisation, helped by policy support and some improvement in global demand, and is on track to meet the government's 2013 growth target of 7.5 percent, the state statistics bureau said.

MARKETS NEWS

* The dollar was marking time against the majors on Tuesday after disappointing U.S. data dragged Treasury yields lower but failed to budge bets the Federal Reserve will start tapering stimulus next month.

DATA/EVENTS

* The following data is expected on Tuesday:

- 0800 GMT Germany Ifo business climate Aug

- 0800 GMT Germany Ifo current conditions Aug

- 0800 GMT Germany Ifo expectations Aug

- 1145 GMT U.S. ICSC chain stores yy Weekly

- 1300 GMT U.S. CaseShiller 20 mm nsa Dec

- 1300 GMT U.S. CaseShiller 20 yy Dec

- 1400 GMT U.S. Consumer confidence Dec

- 2030 GMT U.S. API weekly crude stocks Weekly

- 2030 GMT U.S. API weekly dist. stocks Weekly

- 2030 GMT U.S. API weekly gasoline stk Weekly (Reporting by Florence Tan; Editing by Chris Gallagher)

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