SEOUL, April 30 |
(Reuters) - U.S. crude futures dipped on Monday in thin Asian trade, with key markets Japan and Chinashut for holidays, as traders look for stronger trading cues after weaker-than-expected U.S. growth data.
FUNDAMENTALS
* On the New York Mercantile Exchange, crude for June delivery lost 21 cents at $104.72 a barrel as of 0008 GMT, after settling up 38 cents at $104.93 on Friday.
* In London, ICE June Brent crude lost 33 cents at $119.50, versus its settlement at $119.83.
* U.S. economic growth cooled in the first quarter as businesses cut back on investment and restocked shelves at a slower pace, but the biggest rise in consumer spending in more than a year cushioned the blow.
* The report followed a reiteration by the Federal Reserve last Wednesday of its intent to keep interest rates low. Fed chief Ben Bernanke said the central bank stood ready to move to support the economy if it faltered.
* The U.S. Energy Information Administration (EIA) said on Friday that global oil supply exceeded demand by 500,000 barrels per day over the last two months as Saudi Arabia lifted output, more than countering rising non-OPEC outages.
The report is required every 60 days by an Iran sanctions law enacted in December and was expected to allow the Obama administration to press ahead with sanctions.
* Wary of Iran and regional protest movements, Gulf Arab states are pushing ahead with plans for a political union that would involve joint foreign and defence policies in the oil-exporting region, the Saudi foreign minister said in a speech at the weekend.
* A Norwegian general charged with overseeing a shaky U.N.-brokered truce in Syria arrived in Damascus on Sunday, boosting a monitor mission that activists say has already helped ease the violence in the city of Homs, hotbed of a 13-month uprising.
* South Sudan, embroiled in border fighting with its northern neighbour Sudan for the past month, said on Friday that Sudanese-backed rebel militia had attacked a town in the South's oil-producing Upper Nile state, broadening the conflict.
MARKETS NEWS
* The U.S. dollar stayed under pressure on Monday in the wake of disappointing first-quarter U.S economic growth, leaving the yen, sterling and even high-beta currencies like the Australian dollar at multi-week highs.
* U.S. stocks advanced on Friday and posted their best weekly gains in a month as stronger-than-expected earnings from Amazon.com and Expedia Inc reinforced confidence in corporate performance. The Dow Jones industrial average was up 0.18 percent at 13,228.31. The Standard & Poor's 500 Index was up 0.24 percent at 1,403.36.
DATA/EVENTS
* The following data is expected on Monday (GMT):
0600 Germany Retail sales yy real Mar
0800 EZ Money-M3 3m moving av Mar
0900 EZ Inflation, flash yy Apr
1230 U.S. Personal income mm Mar
1345 U.S. Chicago PMI Apr
0 comments:
Post a Comment