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Advertisement

 
RTRS: NYMEX-Crude edges up as OPEC says will act again
 
NEW YORK, Oct 28 (Reuters) - U.S. crude futures rose Tuesday, lifted by
OPEC officials' talk of taking more action to stop oil's steep price slide
and by a global stock market bounce after recent retreats.
"Crude has yet to find an independent course of direction as it
continues to track very closely the equity and the currency markets, and it
will not do so until the market gives itself a month or two to ascertain as
to whether the OPEC cuts of 1.5 million bpd are working," said Nauman
Barakat, senior vice president at Macquarie Futures USA.
Crude oil futures were well off their early high after news that U.S.
consumer confidence plunged to a record low in October as a worsening
financial crisis left Americans anxious about their jobs, a report said on
Tuesday. [ID:nN28387404]
The U.S. Federal Reserve begins a two-day interest-rate policy meeting
on Tuesday, with the Fed widely expected to make a rate cut.
PRICES
* On the New York Mercantile Exchange at 10:38 a.m. EDT (1438 GMT),
December crude CLZ8 was up 55 cents, or 0.87 percent, at $63.77 a barrel,
trading from $61.75 to $65.20.
Monday's $61.30 intraday low was the weakest since $60.68 was struck on
May 9, 2007.
* In London, December Brent LCOZ8 rose 44 cents, or 0.72 percent to
$61.85 a barrel, trading from $60.10 to $62.95.
NYMEX refined products products were mixed, with the November contracts
due to expire on Friday.
* NYMEX November RBOB RBX8 was down 0.49 cents, or 0.33 percent, to
$1.4720 a gallon, trading from $1.4601 to $1.5165.
* NYMEX November heating oil HOX8 rose 1.13 cents, or 0.59 percent,
to $1.9257 a gallon, trading $1.8960 to $1.9675.
* The December heating oil crack spread <0#CL-HO=R> was at $18.21 a
barrel, and the RBOB crack spread <0#RB-CL=R> was in negative territory at
minus $3.47.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $67.69/$76.90
Technical support/resistance:
NYMEX crude: $59.85/$66.95
NYMEX heating oil: $1.8570/$1.9815
NYMEX RBOB: $1.4240/$1.5485
For a report on technicals click [ID:nL29575198]
MARKET NEWS
* OPEC ministers will take further steps to prop up oil prices and could
call a meeting ahead of the next scheduled talks in December, officials
said. [ID:nLS186457]
* Abu Dhabi National Oil Co has notified term customers it will cut
contracted volumes for Upper Zakum crude oil in November and December by 5
percent. [ID:nLS244614]
* Global stocks rose sharply as investors went bargain hunting.
[MKTS/GLOB]
* U.S. stocks extended gains and the Dow briefly rose more than 4 percent,
as investors snapped up beaten-down shares. [.N]
* Analysts are expecting U.S. crude and refined products to have increased
again last week, according to a preliminary survey on Monday. [EIA/S]
* Prices of U.S. single-family homes fell a record 16.6 percent in August
from a year earlier, according to the Standard & Poor's/Case-Shiller Home
Price Indices. [ID:nNYC000187]
* For a list of top energy news stories, click [TOP/O]
(Reporting by Robert Gibbons; Editing by John Picinich)

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