Investing.com - Crude oil prices eased ahead of industry data on U.S. stocks and as a weak demand profile against ample supplies continued to weigh.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $91.89 a barrel, down 0.11%, after hitting an overnight session low of $89.90 a barrel and a high of $91.83 a barrel.
The global Brent oil contract on the ICE Futures Europe exchange fell 0.5% to $96.65 a barrel, the lowest settlement since June 28, 2012. Brent is down 17% from the 2014 high reached in mid-June. The October Brent contract expired with the close of trading Monday.
Later Tuesday, the American Petroleum Institute will publish a survey on crude and refined product stocks for the past week to be followed on Tuesday by more closely watched figures from the U.S. Department of Energy.
Overnight, oil prices rose in U .S. trading after mixed data weakened the U.S. dollar.
A softer greenback firms oil by making the commodity more attractive in dollar-denominated exchanges, especially in the eyes of investors holding other currencies.
In a report, the Federal Reserve Bank of New York said that its general business conditions index increased to a five-year high of 27.5 this month from 14.7 in August. Analysts had expected the index to rise to 16.0 in September.
A separate report showed that U.S. industrial production fell 0.1% last month, disappointing forecasts for a 0.3% gain. Industrial production for July was revised down to a gain of 0.2% from a previously reported increase of 0.4%.
Gains were seen limited, as a longer-term analysis of U.S. data points to more sustained recovery, which would strengthen the greenback and do away with monetary forces that weaken oil.
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NYMEX crude prices ease in Asia ahead of U.S. industry stocks data
Published 09/15/2014, 07:13 PM
Updated 09/15/2014, 07:15 PM
NYMEX crude prices ease in Asia ahead of U.S. industry stocks data
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