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MTECHTIPS:-NYMEX crude up in Asia with focus on U.S. stocks data ahead this week
MTECHTIPS:-NYMEX crude up in Asia with focus on U.S. stocks data ahead this week
Crude oil futures gained in early Asia on Monday, awaiting further estimates of supply and demand in the week ahead fromthe U.S. Crude futures for July rose 0.14% at $60.63 a barrel on the New York Mercantile Exchange. Last week, crude futures fell on Friday but ended higher for the week boosted by the weaker dollar as concerns over whether the recent rally in prices is running out of momentum persisted. Brent crude for July delivery, the global benchmark, added 0.2%, to settle at $66.97 a barrel on the ICE Futures exchange on Friday. The contract rose 0.98% on the week. The dollar weakened across the board after a series of disappointing U.S. economic reports, including industrial production, retail sales and producer prices dampened hopes for a second quarter rebound after a sharp slowdown in growth in the first three months of the year. The data underlined expectations that the Federal Reserve will delay hiking interest rates until the economy is on a stronger footing. A weak greenback makes dollar-denominated commodities such as oil cheaper for holders of other currencies. Data earlier in the week showed crude stockpiles falling for the second straight week. A report from the Energy Information Administration on Wednesday showed stockpiles declining 2.2 million barrels last week. However the report also showed that U.S. oil production increased over the week and remained close to a multi-decade high at 9.4 million barrels a day.
