By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch)—Crude-oil prices inched higher on Thursday, straddling $90 a barrel, as global markets steadied amid reports that China injected a record amount of money into its financial system this week.
Crude futures for November delivery CLX2 +1.12% rose 33 cents, or 0.4%, to $90.31 a barrel during European trading hours. A day prior, oil prices fell $1.39, or 1.5%, to settle at $89.98 a barrel on the New York Mercantile Exchange, the lowest for oil since Aug. 2.
A surprise fall in inventories was overshadowed Wednesday by fresh euro-zone concerns that pushed Spanish borrowing costs higher and drove down equity markets. There are also concerns that monetary stimulus in the U.S. may not be enough to stimulate the U.S. economy.
For Thursday, markets are watching for a 2013 budget announcement from Spain that could help lay the groundwork for a bailout. The Tell: Spanish budget: What to expect
News out of China supported oil prices, as media reports said the People’s Bank of China will inject a net 365 billion yuan ($57.9 billion) into the financial system via open-market operations.
U.S. economic data will also be in the spotlight, with durable-goods orders for August, second-quarter gross domestic product both due at 8:30 a.m. Eastern and pending home-sales for August due at 10 a.m. Eastern.
Supply data a day prior showed a 2.4 million decrease in crude inventories for the week ended Sept. 21, according to the Energy Information Administration.
Elsewhere in the energy complex, most futures moved higher.
Gasoline for October delivery RBV2 +1.85% rose 1 cent, or 0.4%, to $3.09 a gallon, while heating oil for the same month HOV2 +0.48% was flat around $3.11 a gallon.
Natural gas for November delivery NGX12 +1.37% added 3 cents, or 1%, to $3.25 per million British thermal units.
Barbara Kollmeyer is an editor for MarketWatch in Madrid.
