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NYMEX crude prices fall in Asia as U.S. stockpiles eyed

Published 09/29/2014, 06:35 PM
Updated 09/29/2014, 06:37 PM
Crude oil down in Asia

Investing.com - Crude oil prices eased in Asia on Tuesday with investors looking ahead to weekly industry and government reports on U.S. crude oil stockpiles expected to be bearish.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $94.31 a barrel, down 0.21%, after hitting an overnight session low of $92.75 a barrel and a high of $94.63 a barrel.

The global Brent oil contract rose 0.2% to $97.20 a barrel on the ICE Futures Europe exchange Monday.

Overnight, better-than-expected U.S. personal spending data coupled with news of refinery closures sent oil prices trading near session highs.

The Commerce Department reported earlier that U.S. personal spending rose 0.5% in August, beating expectations for an increase of 0.4%, after a 0.1% dip in July, which boosted oil prices on hopes that a more robust U.S. economy will consume more fuel and energy going forward.

The report also showed that personal income, reflecting income from wages, investment, and government aid, rose 0.3%, up from 0.2% in July, and broadly in line with forecasts.

Oil prices continued to see support after Friday's news that U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast.

Elsewhere, prices rose ahead of seasonal refinery closures, when facilities are tweaked to produce gasoline and other products better suited for colder weather.

Aside from seasonal maintenance, unplanned closures at refineries in Canada and Texas pressured prices up as well.

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