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NYMEX-Crude steady near 4-month peak after Fed-led rally
September 17, 2012 / 12:56 AM / 5 years ago

NYMEX-Crude steady near 4-month peak after Fed-led rally

SINGAPORE, Sept 17 (Reuters) - U.S. crude futures hovered
just below four-month highs on Monday after a rally in the
previous session spurred by the Federal Reserve's move to
bolster the U.S. economy with a third round of bond purchases.
    Concern that rising energy costs could threaten global
economic growth kept a lid on further gains.

    FUNDAMENTALS
    * U.S. crude for October delivery was down 3 cents at
$98.97 per barrel by 0036 GMT. London's Brent crude for November
delivery gained 7 cents to $116.73.
    * U.S. crude hit a four-month high of $100.42 on Friday.
Brent hit a session peak of $117.95, its loftiest since May 3.
    * Current oil prices risk pushing back the global economy
into recession, the International Energy Agency's chief
economist said on Friday. 
    * The Federal Reserve will buy a total of $600 billion of
bonds under its new stimulus program announced Thursday, known
as QE3, and will look for a U.S. unemployment rate of 7 percent
before it halts the program, according to the median of
forecasts from a Reuters poll. 
    * Spain told euro zone finance ministers it will set clear
deadlines for structural reforms by the end of the month, in a
move European diplomats said would pave the way for an aid
request before long to help it tackle its debt pile.
 
    * Fury about a film that insults the Prophet Mohammad tore
across the Middle East after weekly prayers on Friday with
protesters attacking U.S. embassies and burning American flags
as the Pentagon rushed to bolster security at its missions.
 
    * International mediator Lakhdar Brahimi said after talks
with Syria's President Bashar al-Assad on Saturday that the
escalating conflict in the country posed a global threat.
 
    * The White House embraced recent comments by Saudi Arabia's
energy minister some market watchers had taken as a signal that
consumer nations need not release emergency petroleum reserves
to calm oil prices. 
    * Israeli Prime Minister Benjamin Netanyahu warned that Iran
was just six to seven months away from the brink of being able
to build a nuclear bomb, adding urgency to his demand that
President Barack Obama set a "red line" for Tehran in what could
deepen the worst U.S.-Israeli rift in decades. 
    
    MARKET NEWS
    * Asian stocks held steady on Monday and gold, oil and
copper hovered near multi-month highs, after markets rallied
late last week on hopes that fresh stimulus measures from the
developed world's big central banks will support flagging
growth. 
    * The dollar languished near a seven-month trough versus a
basket of major currencies in Asia on Monday, but recovered some
ground against a broadly weaker yen, which faces a central bank
that could ease monetary policy this week. 

   DATA/EVENTS (GMT) 
   0800 Euro zone current account for July 
   0900 Euro zone Eurostat trade for July 
   0900 Euro zone labour costs for Q2 
   1230 New York Fed Empire State Survey for September 
   

 (Reporting by Luke Pachymuthu; Editing by Manolo Serapio Jr.
and Himani Sarkar)
 (luke.pachymuthu@thomsonreuters.com; +65 6870 3573; Reuters
Messaging:; luke.pachymuthu.reuters.com@reuters.net)

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