RTRS: NYMEX-Crude edges up on weak dollar, Japan weighs
NEW YORK, Aug 16 (Reuters) - U.S. crude oil futures prices
edged up on Monday, trying to break a string of four straight
lower settlements, with support from the dollar's weakness even
as disappointing growth data from Japan capped oil's strength.
The possibility of a tropical depression in the Gulf of
Mexico also lent support to oil prices.
FUNDAMENTALS
* On the New York Mercantile Exchange, September crude
CLU0 rose 31 cents, or 0.4 percent, to $75.70 a barrel by
9:10 a.m. EDT (1310 GMT), trading from $75.17 to $75.95.
* Remnants of Tropical Depression 5 strengthened in the
Gulf of Mexico south of the Florida Panhandle and had a 60
percent chance of redeveloping into a tropical depression over
the next 48 hours, the U.S. National Hurricane Center said
Monday. [nN16166764]
* An increase in Iran's stocks of crude oil is a result of
maintenance work at refineries at home and abroad rather than
of international sanctions, Iran's OPEC governor was quoted as
saying on Monday. [ID:nMOS625576]
MARKETS NEWS
* U.S. stock index futures fell as weak growth in Japan
added to worries about the strength of the global economy that
have sunk equity markets in recent days.
* Japan's economy grew just 0.1 percent in the second
quarter, below forecasts. [ID:nTOE67901S] The poor data
pressured Asian equities and that weakness fed into European
trading.
* Copper prices rose as the market focused on falling
inventories, supply constraints and strong economic growth in
China. [ID:nLDE67F0TQ]
* Gold scaled a seven-week peak on the weak Japanese
economic data. [GOL/]
* The euro fell sharply versus Swiss franc on Monday and
safe-haven U.S. and German government bond yields hit new lows
after much weaker than expected growth numbers from Japan added
to worries over a faltering economic recovery. The pan-European
FTSEurofirst 300 .FTEU3 lost 0.4 percent. [MKTS/GLOB]
UPCOMING DATA/EVENTS
* Aug. 17: Options on NYMEX Sept crude oil futures expire
* Aug. 17: American Petroleum Institute weekly stocks data
* Aug. 18: Energy Information Administration weekly stocks
* Aug. 20: NYMEX Sept crude oil futures expire
9:10 LAST NET PCT LOW HIGH CURRENT DAY AGO
CHNG CHNG VOL VOL
CLc1 75.70 0.31 0.4% 75.17 75.95 41,418 430,788
CLc2 76.07 0.30 0.4% 75.56 76.34 23,761 207,419
LCOc1 75.10 -0.01 0.0% 74.98 75.75 17,575 123,239
RBc1 1.9469 0.0073 0.4% 1.9368 1.9559 2,960 63,595
RBc2 1.8950 0.0103 0.6% 1.8826 1.9053 2,679 47,988
HOc1 2.0014 0.0058 0.3% 1.9938 2.0134 3,456 73,777
HOc2 2.0303 0.0061 0.3% 2.0220 2.0415 1,428 33,129
* NYMEX crude oil for September CLc1 rose 31 cents to $75.70
a barrel by 9:10 a.m. on volume of 41,418 lots.