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NYMEX-U.S. crude climbs back above $46 after steep fall
October 20, 2015 / 12:24 AM / in 2 years

NYMEX-U.S. crude climbs back above $46 after steep fall

SINGAPORE, Oct 20 (Reuters) - U.S. crude futures recovered ground to rise above $46 a barrel in early Asian trading on Tuesday, after falling 3 percent in the previous session as a tumble in gasoline futures added to concerns over slower growth in China and Iranian supply.

Still, U.S. crude stocks are forecast to rise for a fourth straight week, likely keeping pressure on prices.

FUNDAMENTALS

* U.S. crude for November delivery rose 25 cents at $46.14 a barrel as of 0017 GMT after it settled down $1.37, or 3 percent in the prior session. The November frontmonth expires on Tuesday.

* Brent for December delivery gained 27 cents at $48.88 a barrel after it settled down $1.85, or 3.7 percent.

* U.S. commercial crude oil stocks likely rose for the fourth consecutive week, climbing last week by 3.7 million barrels to 472.3 million barrels, a preliminary Reuters survey taken ahead of weekly inventory data showed on Monday.

* A meeting of OPEC and non-OPEC oil market experts in Vienna on Wednesday is unlikely to increase the prospect of joint co-operation on supply curbs, OPEC delegates and analysts said on Monday.

* Libya is producing roughly 440,000 barrels per day (bpd) of crude oil, National Oil Corporation chairman Mustafa Sanallah said on Monday as civil unrest and port closures disrupt oil output and exports.

* Libya’s internationally recognised parliament rejected a United Nations proposal for a unity government on Monday, stymying efforts to end a crisis between two rival governments.

* Iran will target traditional customers in Asia and Europe as it boosts crude oil production by 500,000 barrels per day within a week of the lifting of international sanctions, a senior Iranian oil official was quoted as saying on Monday.

* The implementation day for the lifting of sanctions against Iran is expected to be confirmed by the end of this year, Tehran’s nuclear negotiator Abbas Araqchi said on Monday.

MARKETS NEWS

* The dollar was steady against a basket of currencies in early Asian trade on Tuesday, while Asian equities dipped after commodity prices slid in wake of China growth woes.

* The United States on Monday called on China to allow its currency to appreciate further as a crucial support in rebalancing its economy. That came as China’s economy grew by 6.9 percent in the third quarter, slightly ahead of GDP forecasts.

DATA/EVENTS

* The following data is expected on Tuesday:

- 0600 GMT Germany Producer prices Sep

- 0800 GMT Euro zone Current account Aug

- 1230 GMT U.S. Building permits Sep

- 1230 GMT U.S. Housing starts Sep

- 1930 GMT U.S. API weekly crude stocks Weekly

- 1930 GMT U.S. API weekly dist. stocks Weekly

- 1930 GMT U.S. API weekly gasoline stocks Weekly (Reporting by Keith Wallis; Editing by Richard Pullin)

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