Reuters logo
NYMEX-U.S. crude falls towards $74 on oil inventory data, economy worries
November 20, 2014 / 1:12 AM / 3 years ago

NYMEX-U.S. crude falls towards $74 on oil inventory data, economy worries

SINGAPORE Nov 20 (Reuters) - U.S. crude dropped towards $74 a barrel on Thursday, falling for a fourth straight day on a buildup in U.S. crude inventories and a U.S. Federal Reserve report highlighting worries over inflation targets, fuelling uncertainty over the U.S. economy.

Traders will watching China PMI data on Thursday for any indications of further weakness in its manufacturing sector.


* U.S. crude for December delivery fell 8 cents to $74.50 a barrel as of 0106 GMT, down 23 cents on the previous session, not far off last Friday’s four-year low. The December contract exprires on Thursday.

* Brent crude for January delivery rose 7 cents to to $78.17, after falling 37 cents in the previous session.

* U.S. crude stockpiles rose by 2.6 million barrels last week, buoyed by an increase of 761,000 barrels in crude oil imports, data from the U.S. Department of Energy’s Energy Information Administration showed on Wednesday. Analysts had expected a fall of 780,000 barrels.

* With oil prices at a four-year low, OPEC will cut oil production to its output target of 30 million barrels per day when oil ministers meet on Nov. 27, Samir Kamal, Libya’s OPEC governor and head of planning at the Libyan oil ministry, said on Wednesday.

* Iraq will soon resume oil exports to Turkey at 150,000 barrels per day after an eight-month suspension, Turkish Energy Minister Taner Yildiz said on Wednesday.

* A deal between Iran and six world powers over Tehran’s nuclear programme looks difficult to reach by the Nov. 24 deadline, a U.S. diplomat said on Wednesday, while Britain is “not optimistic” a pact can be agreed.

* India could pay $400 million to Iran as early as Thursday in the third installment of payments for oil, industry sources said on Wednesday.

* The U.S. Federal Reserve wrestled with whether to nod to financial market volatility and a weakening global economy in its policy statement last month, but opted not to out of worry it could send an unwarranted signal of pessimism.


* The yen slid on Thursday, striking seven-year lows against the dollar and a six-year trough versus the euro as speculators poured into carry trades funded by a tide of super-cheap liquidity from the Bank of Japan.


* The following data is expected on Thursday:

- 0145 GMT China HSBC flash manufacturing PMI Nov

- 0700 GMT Germany Producer prices Oct

- 0800 GMT France Markit flash manufacturing PMI Nov

- 0830 GMT Germany Markit flash manufacturing PMI Nov

- 0900 GMT Euro zone Markit flash manufacturing PMI Nov

- 1330 GMT U.S. Consumer prices Oct

- 1330 GMT U.S. Weekly jobless claims

- 1445 GMT U.S. Markit flash manufacturing PMI Nov

- 1500 GMT Euro zone Consumer confidence Nov

- 1500 GMT U.S. Existing home sales Oct

- 1500 GMT U.S. Leading index Oct

- 1500 GMT U.S. Philly Fed business index Nov (Reporting By Keith Wallis; Editing by Richard Pullin)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below