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NYMEX-Crude edges up for 2nd day on economic outlook
March 14, 2012 / 12:34 AM / 6 years ago

NYMEX-Crude edges up for 2nd day on economic outlook

TOKYO, March 14 (Reuters) - U.S. crude futures rose for a second day on Wednesday on the back of an improved outlook of the world’s top economy, but the gains were limited after industry data showed a bigger-than-expected build-up in U.S. crude inventories.


* NYMEX crude for April delivery was up 6 cents at $106.77 a barrel by 0009 GMT, after settling up 37 cents at $106.71 on Tuesday.

Strong U.S. retail sales data and the Federal Reserve’s acknowledgement that it would maintain exceptionally low interest rates until at least through 2014 helped push up oil prices on Tuesday, countering the impact of a rising dollar.

* London Brent crude for April delivery was up 1 cent at $126.23 a barrel, after settling up 88 cents at $126.22, the highest close since April 8, 2011.

* After the settlement on Tuesday, the American Petroleum Institute said domestic crude stocks rose by 2.8 million barrels last week, far more than the forecast for a 1.7-million-barrel build in a Reuters poll.

Heating oil and RBOB gasoline futures extended gains after distillate and gasoline stocks showed a bigger-than-expected decline.

* Saudi Arabia and other Gulf oil producers say surging oil markets are beyond their control and prices could spike unless tensions between Iran and the West subside.

* Increasing onshore shale oil output likely will displace light, sweet crude imports to the U.S. Gulf Coast by 2015, Valero Corp Chief Executive Bill Klesse said.


* The U.S. stock market posted its best day this year, with Tuesday’s late spark coming from JPMorgan Chase & Co after the bank announced it will raise its dividend.

* The dollar was broadly firmer early in Asia on Wednesday, having hit a seven-week high against a basket of major currencies as prospects for further easing by the Federal Reserve faded in the wake of more upbeat U.S. data.


* The following data is expected on Wednesday: (Time in GMT)

- 2350 Japan Business survey index/Q1

- 1000 Euro Zone Industrial production/Jan

- 1000 Euro Zone Inflation final/Feb

- 1100 US Mortgage market index/weekly

- 1230 US Current account/Q4

- 1230 US Export/Import prices/Feb

- 1400 Federal Reserve Chairman Bernanke speaks

- 1430 US EIA weekly oil data (Reporting by Osamu Tsukimori; Editing by Richard Borsuk)

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