IV:Oil futures inch up, but still near four-month lows
Investing.com - Oil futures nudged higher during Tuesday’s Asian session, but New York-traded crude still resides near four-month lows.
On the New York Mercantile Exchange, light, sweet crude futures for December delivery rose 0.06% to USD94.68 per barrel in Asian trading Tuesday. The December contract settled up 0.01% at USD94.62 per barrel on Monday.
Global data points played their part in crude’s tepid start to the week. On Monday, euro zone manufacturing purchasing managers’ index ticked up to 51.3 in October from a final reading of 51.1 in September, unchanged from a preliminary estimate and in line with market forecasts, according to London-based Markit Economics.
Germany’s manufacturing PMI rose to 51.7 last month from 51.5 in September as new orders and production levels rose. Analysts were expecting the figure to remain unchanged at 51.5.
In U.S. economic news out Monday, U.S. factory orders rose 1.7% in October from September, in line with expectations.
Oil has traded lower in four straight weeks as traders view the market as adequately supplied. Even output declines in OPEC member Libya, home to Africa’s largest oil reserves, have not contributed much upside to oil prices.
Libya is currently pumping about 250,000 barrels per day, down from 450,000 barrels last month.
After the close of U.S. markets Monday, independent oil giant Anadarko Petroleum said its third-quarter EPS fell to $1.13 from $1.16 a share last year, but revenue rose to $3.85 billion from $3.81 billion.
Elsewhere, Brent crude futures for December delivery rose 0.10% to USD106.32 per barrel on the ICE Futures Exchange.
