USD 63.8487

0

EUR 70.5975

0

BRENT 64.99

+0.36

AI-92 42.31

-0.01

AI-95 45.95

-0.04

AI-98 51.59

-0.04

Diesel 45.97

-0.08

33

Oil Climbs, Settles Above $82 as Dollar Tumbles

U.S. crude oil futures rose 1.49 percent to settle at a three-month high above $82 a barrel on Tuesday, up a fourth straight session as the dollar weakened broadly and offset disappointing economic data.

Oil Climbs, Settles Above $82 as Dollar Tumbles Oil Climbs, Settles Above $82 as Dollar Tumbles

 

U.S. crude oil futures rose 1.49 percent to settle at a three-month high above $82 a barrel on Tuesday, up a fourth straight session as the dollar weakened broadly and offset disappointing economic data.

 

Buy stops triggered by crude's push above $82 also supported oil as the market awaited weekly inventory data expected to show U.S. crude stockpiles fell last week.

The American Petroleum Institute industry group released weekly inventory data after settlement, showing U.S. crude stockpiles fell, but a less-than-expected 776,000 barrels in the week to July 30, as imports fell.

The API said gasoline stocks rose 2.3 million barrels, with distillate inventories up 1.1 million barrels. Ahead of the API release on Tuesday, an expanded Reuters survey of analysts yielded a forecast for crude stocks to be down 1.4 million barrels.

Gasoline stockpiles were expected to be down 400,000 barrels, with distillate stocks seen up 1.2 million barrels.

On the New York Mercantile Exchange, U.S. light, sweet crude [US@CL.1 82.08 -0.47 (-0.57%) ] for September rose $1.21 to settle at $82.55 a barrel, the highest close since the $82.74 settlement on May 5.

Crude futures traded on Tuesday from $81.11 to $82.64, the highest intraday front-month crude oil price since prices reached $82.83 on May 5.

In post-settlement trading after the API data arrived, crude futures showed little reaction, trading around $1 higher late Tuesday. It was about $1.03 higher when the API data was released.

The dollar tumbled on Tuesday against the euro, the yen and sterling as a fall in benchmark yields to all-time lows offered investors little incentive to buy assets denominated in the U.S. currency.

U.S. weekly retail gasoline demand rose 0.7 percent in the week ended July 30 from a week earlier, according to the SpendingPulse report released on Tuesday by MasterCard Advisors. Over the previous four weeks, demand climbed 2.8 percent versus the year-ago period.

Tropical Storm Colin formed in the central Atlantic Ocean, the U.S. National Hurricane Center said. All the computer weather models show the system tracking northwest and missing the Gulf of Mexico and the Gulf Coast region's energy operations. Separately, the NHC said it was monitoring a tropical wave in the southeastern Caribbean Sea. 

Source : CNBC News