Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

NYMEX crude oil gains in Asian trading, shrugs off EM worries

Published 01/26/2014, 06:57 PM
Updated 01/26/2014, 07:00 PM

Investing.com - New York-traded crude oil futures rose on Monday despite growing concerns over the economic outlook in emerging markets and the impact on future oil demand.

On the New York Mercantile Exchange, light sweet crude futures for delivery in March rose 0.21% to USD97.10 on Monday in Asian trading.

In the earlier session, Nymex oil traded between USD 96.93 and USD 97.09. U.S. oil futures were likely to find support at USD95.12 a barrel, the low from January 22 and resistance at USD97.84 a barrel, the high from January 23.

Last week, U.S. crude futures, also known as West Texas Intermediate or WTI, climbed 2.12%, the second consecutive weekly gain.

Weaker U.S. equities and ongoing turbulence in emerging markets prompted investors to move money out of industrial commodities and into safe haven assets.

Nymex oil prices posted a weekly gain as the Keystone XL pipeline linking Cushing, Oklahoma, to the U.S. Gulf Coast began making deliveries this week. Flows will rise over the course of the year toward its 700,000-barrel capacity, which should ease bottlenecks that have depressed prices at times.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers increased their bullish bets in oil futures in the week ending January 21.

Gross long oil positions rose by 10,614 contracts to 294,921, while gross short positions increased by 9,833 lots to 64,418. Net longs totaled 230,503 contracts, compared to 229,722 in the preceding week.

On Wednesday’s outcome of the Federal Reserve’s monthly meeting will be in focus amid expectations for a reduction to USD65 billion from the current USD75 billion in the bank’s stimulus program.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The policy-meeting will mark the last for outgoing Fed Chairman Ben Bernanke, as current Vice Chair Janet Yellen prepares to take over.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery rose 0.05% on Friday to settle the week at USD107.99 a barrel.

Last week, the March Brent contract added 1.29%. Meanwhile, the spread between the Brent and the crude contracts stood at USD10.90 a barrel by close of trade on Friday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.