Investing.com - Oil futures fell modestly during Tuesday’s Asian, paring gains notched during U.S. trade Monday European Central Bank official said the euro wasn't overvalued.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery dipped 0.1% to USD96.94 per barrel in Asian trading Tuesday. Crude settled up 1.03% at USD96.71 a barrel on Monday in the U.S.
On Monday, oil also got a lift from some positive French economic data. France's industrial output contracted by 0.1% in December from the month before, less than market calls for a 0.2% contraction though still down from November's 0.5% gain. France is the euro zone’s second-largest economy behind Germany.
Comments from Jens Weidmann, European Central Bank member and president of Germany's central bank, regarding the euro not being overvalued also helped drive oil on Monday, narrowing the gap between West Texas Intermediate and Brent, the global benchmark.
Traders will now turn their attention to some key data points due out of the U.S. later this week. Weekly supply data will be released by the U.S. Energy Information Administration on Wednesday followed by the weekly jobless claims number on Thursday. January retail sales and the initial reading on February consumer sentiment are also due out this week, which could put oil futures in play as the U.S. is the world’s largest oil consumer.
Meanwhile, Gulf members of the Organization of the Petroleum Exporting Countries are believed to not favor raising prices despite oil’s recent spike higher. Gulf OPEC members include Saudi Arabia, the cartel’s largest producer, Iran and Iraq. Saudi Arabia has previously favored keeping prices around USD90 per barrel to avoid demand destruction. OPEC accounts for about 40 percent of global oil output.
Elsewhere, Brent crude for April delivery fell 0.18% to USD117.08 on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery dipped 0.1% to USD96.94 per barrel in Asian trading Tuesday. Crude settled up 1.03% at USD96.71 a barrel on Monday in the U.S.
On Monday, oil also got a lift from some positive French economic data. France's industrial output contracted by 0.1% in December from the month before, less than market calls for a 0.2% contraction though still down from November's 0.5% gain. France is the euro zone’s second-largest economy behind Germany.
Comments from Jens Weidmann, European Central Bank member and president of Germany's central bank, regarding the euro not being overvalued also helped drive oil on Monday, narrowing the gap between West Texas Intermediate and Brent, the global benchmark.
Traders will now turn their attention to some key data points due out of the U.S. later this week. Weekly supply data will be released by the U.S. Energy Information Administration on Wednesday followed by the weekly jobless claims number on Thursday. January retail sales and the initial reading on February consumer sentiment are also due out this week, which could put oil futures in play as the U.S. is the world’s largest oil consumer.
Meanwhile, Gulf members of the Organization of the Petroleum Exporting Countries are believed to not favor raising prices despite oil’s recent spike higher. Gulf OPEC members include Saudi Arabia, the cartel’s largest producer, Iran and Iraq. Saudi Arabia has previously favored keeping prices around USD90 per barrel to avoid demand destruction. OPEC accounts for about 40 percent of global oil output.
Elsewhere, Brent crude for April delivery fell 0.18% to USD117.08 on the ICE Futures Exchange.