Oil rose above $67 on Wednesday, recouping day-ago losses as the US dollar eased against the euro and resource currencies like the Australian dollar, while eyes are on talks over Iran's nuclear plans. US crude futures rose 45 cents to $67.16 a barrel by 0638 GMT, after shedding 13 cents on Tuesday. London Brent crude gained 41 cents to $65.90 a barrel.
The markets are quiet ahead of China's week-long holidays. Slowing demand in the United States and other developed economies after the financial crisis pulled crude down from records near $150 a barrel in July 2008 to below $33 a barrel in December, although hopes of an economic rebound have since lent support.
Also, US crude stocks jumped a hefty 2.8 million barrels last week and distillates, which include heating oil and diesel, rose 2.3 million barrels, American Petroleum Institute data showed. Gasoline stocks fell 1.7 million barrels. The EIA data will be out later on Wednesday.
A Reuters poll forecast a 600,000-barrel rise in crude stocks, as weak margins pressured refinery demand; a 1.2 million-barrel build in distillates and a 1.0 million-barrel increase in gasoline inventories. The mixed economic data from the US showed that the economic rebound is still in its early days following the worst recession in decades. And it could be a long time before consumers contribute to growth, analysts said.
Comments
Comments are closed.