This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Oil Near $97 Before Week Of Data, Fed Meeting

By PABLO GORONDI

The price of oil hovered above $97 a barrel Monday as investors prepared for key U.S. economic reports and a Federal Reserve policy meeting this week.

By early afternoon in Europe, benchmark U.S. crude for December delivery was down 40 cents at $97.45 a barrel in electronic trading on the New York Mercantile Exchange.

The contract gained 74 cents to $97.85 on Friday but closed out the week with a 2.9 percent loss, largely due to signs of oversupply and muted demand.

U.S. data releases this week include September industrial production, retail sales, inflation and consumer confidence as well as a Fed policy meeting that could reinforce expectations that the central bank won't begin reducing its mammoth monetary stimulus until well into next year.

The expansion of the U.S. money supply is aimed at supporting economic recovery and reducing high unemployment but has also been a boon for investors in stocks and commodities. The timing of the stimulus withdrawal has become a matter of intense speculation in markets.

The market will also be on the watch for data on U.S. stockpiles of crude and refined products. Figures for the week ending Oct. 25 are due for release late Tuesday and Wednesday.

According to the Energy Department's Energy Information Administration, crude stocks rose by 21.5 million barrels between the end of September and Oct. 18 and stood nearly 10 percent higher than the five-year average.

"Any further increase in U.S. crude oil stocks is likely to put renewed pressure on oil prices as the week progresses," said a report from analysts at Commerzbank in Frankfurt.

Brent crude, a benchmark for international crude also used by U.S. refineries, was up 80 cents at $107.73 on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

a¿¿ Wholesale gasoline added 0.99 cent to $2.5773 a gallon.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs