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Market Roundup

Crude Oil prices fell yesterday, but a bounce by equity markets pulled crude futures well above lows and allowed traders to shrug off data showing combined U.S. crude and product stocks rose to the highest since weekly records began in 1990.

In Focus

- U.S. commercial crude and product stocks rose last week to the highest level since the U.S. government began tracking weekly data, government data showed Wednesday, a sign fuel supply is outpacing demand amid a slow U.S. economic recovery.

- China’s diesel exports...

Crude oil fell for a third day after a report showed service industries in the U.S. unexpectedly contracted in November, raising concern fuel demand may be slow to recover from the worst recession since World War II.

Oil headed for a second weekly decline after the Institute for Supply Management’s index of non-manufacturing businesses that make up almost 90 percent of the economy slipped to 48.7 from 50.6 in October, the Tempe, Arizona-based group said yesterday. A Labor Department report today will probably show the U.S. economy lost jobs in November.

Crude output in Russia, the world’s largest oil producer, grew 1.8 percent in October from a year earlier after OAO Rosneft began production at a field in northern Siberia.

Crude rose from a two-week low after manufacturing in China, the world’s second-biggest oil user, expanded at the fastest pace in 18 months.

A purchasing managers’ index released by HSBC Holdings Plc today and a government-backed PMI issued yesterday showed that China’s manufacturing grew in October.

The prices of Crude Oil at NYMEX fell more than 2% on Wednesday, aided by the government data released which showed an increase in the gasoline stockpiles.

The EIA reported the reserves on crude, rose less than expected weighed on the prices, which had risen due to a forecasted drawdown stated by the American Petroleum Institute.

Crude oil futures inched closer to a fresh one-year high in Asia Friday, as market sentiment remains optimistic on dollar weakness and seemingly improving fundamentals.

Imperial Oil Ltd. (IMO) raised its purchase price for benchmark 40-degree gravity light crude oil at Edmonton by C$30 a cubic meter to C$517 a cubic meter, effective Wednesday.

Crude oil dropped from a one-year high in New York on concern that the pace of economic recovery in the U.S., the world’s biggest energy-consuming nation, may falter.