8:59 EDT -- Oil futures' rally the past two hours continues ahead of today's batch of US data. Nymex November is up 1.1% at $92.90/barrel, down a bit from the morning high of $93.20. Prices haven't settled above $93 in a week and dropped more than $7 in 10 days amid ongoing economic concerns. (david.bird@dowjones.com)
Reported Earlier:
Crude Prices Rise Ahead of U.S. Data
By KONSTANTIN ROZHNOV
LONDON--Crude-oil futures headed higher Tuesday in anticipation of major economic releases in the U.S., the world's largest oil consumer, and correcting after a fall on Monday.
"The market is looking for something positive to get direction," said Myrto Sokou, a research analyst at Sucden Financial.
At 1028 GMT, the front-month November Brent contract on London's ICE futures exchange was 68 cents, or 0.6%, higher at $110.44 a barrel. The front-month November contract on the New York Mercantile Exchange was trading up 44 cents, or 0.5% , at $92.37 per barrel.
Oil futures seem to have been oversold on Monday, and a healthy correction is taking place, said Ms. Sokou.
Also the lack of other developments is making market participants focus on macroeconomic headlines, said VTB Capital analyst Andrey Kryuchenkov.
The U.S.'s Monthly House Price Index and Consumer Confidence Index, two key indicators of how well the economy is doing, will be released at 1400 GMT. Stronger economic growth in the U.S. tends to boost oil demand.
Spain's announcement of its structural reforms and budget plans on Thursday and Greece's presentation of its austerity plans to euro-zone officials later this week are also in focus, said Ms. Sokou. Worries that debt and economic problems in Spain and Greece could sharply cut demand for oil in Europe have pressured oil prices.
Brent crude appears to be stabilizing, and it's likely to continue to trade sideways until it decides which direction to take, analysts at Commerzbank said.
"The oil market remains caught between supply risks and the prospect of fresh liquidity from the central banks on the one hand, and plentiful supply and growing economic concerns on the other," the bank said.
"Both benchmarks should pause near last week's lows for now," said Mr. Kryuchenkov.
At 1028 GMT, the ICE's gasoil contract for October delivery was up $7.00, or 0.7%, at $973.25 per metric ton, while Nymex gasoline for October delivery was 119 points, or 0.4%, higher at $2.9295 per gallon.
Write to Konstantin Rozhnov at konstantin.rozhnov@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
