IV:NYMEX crude oil rises after fears of another cold spell
Investing.com – Nymex crude oil futures rose on Wednesday during Asian trading hours after a fear of another cold spell, which can increase heating oil demand and an industry data showed rise in supplies.
The American Petroleum Institute, said on Tuesday that its own inventory data showed that oil supplies rose 384,000 barrels last week, while stockpiles at Cushing declined 1.6 million barrels.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded up 0.48% at USD97.67 a barrel during Asian trading.
On Tuesday, New York-traded oil futures hit a session low of USD97.41 a barrel and a high of USD97.85 a barrel. The March contract settled at USD97.19 a barrel.
Nymex oil futures were likely to find support at USD96.27 a barrel, Monday's low, and resistance at USD97.93 a barrel, Monday's high.
By Tuesday, investors concluded that harsh winter weather may have take its toll on business and bruised the indicator, which allowed for bottom fishing that brought the commodity up.
Also on Tuesday, the Commerce Department reported that U.S. factory orders fell 1.5% in January, better than expectations for a decline of 1.7%.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery were up 0.10% and trading at 106.06 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD8.39 a barrel.
