Category: Commodities
Crude prices gained in Asia on Tuesday, underlain by mixed manufacturing data regionally and in particular China.On the New York Mercantile Exchange, WTI crude for January delivery rose 0.42% to $41.83 a barrel.The China official manufacturing PMI for November fell to 49.6, compared to 49.8 seen and the same level the previous month, while the Caixin manufacturing PMI rose to 48.6, compared to 48.3 expected and the same level for the previous month.In Japan, capital spending jumped 11.2%, compared to a 2.3% gain seen in the third quarter year-on-yearIn Australia, the AIG manufacturing index for November reached 52.5, a jump from 50.2 last month. As well, official data showed building approvals up 3.9%, compared to a 2.3% decline seen, while the current account deficit widened to A$18.1 billion, compared to a deficit of A$16.5 billion expected. Private house approvals in Australia fell 2.1%.Ahead the American Petroleum Institute releases its estimates of crude and refined stockpiles last week in the U.S., followed by more closely-watched government data on Wednesday.Overnight, U.S. crude futures inched down on Monday, amid a stronger dollar as investors continue to await Friday's critical OPEC meeting for potential shifts in supply-demand dynamics on global energy markets.On the Intercontinental Exchange (ICE), Brent crude wavered between $44.51 and $45.74 a barrel before closing at $44.58, down 0.27 or 0.59% on the session.North Sea Brent futures ended the month with a four-day losing skid, closing November down by approximately 8.5%.Any fluctuations in crude prices this week are expected to be minor before OPEC's pivotal meeting on Friday in Vienna. Earlier this month, Ali bin Ibrahim Al-Naimi, the Saudi Arabian minister for petroleum and mineral resources, indicated that the world's largest crude exporter is ready to use all tools necessary in order to reduce instability in energy markets worldwide.Last November, OPEC rattled markets when it left its production ceiling above 30 million barrels per day. The position triggered an extended battle with U.S. shale producers for market share, flooding markets with a glut of oversupply. As a result, crude futures have slumped by more than 40% over the last year spending the majority of 2015 near lows not previously seen since the Financial Crisis.Elsewhere, U.S. president Barack Obama and Russia president Vladimir Putin spoke for approximately 30 minutes on Monday on the sidelines of United Nations Climate Change Conference outside of Paris. Obama expressed regret over last week's downing of a Russian fighter jet by Turkey, while the leaders both discussed tensions in Syria related to the nation's civil war, according to multiple reports.
No comments:
Post a Comment