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NYMEX-Oil slips after U.S. Fed says recovery still slow

15.12.2010 , Reuters

PERTH, Dec 15 (Reuters) - Oil prices edged lower on Wednesday on a stronger dollar and the U.S. Federal Reserve's comments that recovery in the world's largest economy remained slow.

FUNDAMENTALS

* On the New York Mercantile Exchange, January crude slipped 18 cents to $88.10 a barrel at 0200 GMT.

* The U.S. Federal Reserve on Tuesday offered only a cautious nod to the economy's improving prospects as it put a spotlight on lofty unemployment and reaffirmed its commitment to buy $600 billion in bonds. [ID:nN14232588]

* U.S. crude oil inventories dropped last week as imports fell, while oil product stocks rose, an American Petroleum Institute report showed. Crude inventories fell by 1.4 million barrels in the week through Dec. 10, compared with analyst expectations for a 2.5 million-barrel drop in a Reuters poll.

The U.S. Energy Information Administration will release its inventory report at 1530 GMT.

* More Chinese households believe that inflation will continue to increase and more Chinese bankers think policy will be tightened further, the central bank said on Wednesday in the publication of quarterly surveys. [ID:nBJA002360]

* China should concentrate more on quantitative tools, especially banks' required reserves, to manage rising inflation and should tread carefully before raising interest rates or exchange rates, a senior government researcher said in remarks published on Wednesday. [ID:nTOE6BE006]

* Chief executives of large U.S. companies are much more optimistic about the economy than a few months ago, although their expectations for growth remain modest, according to a quarterly survey by the Business Roundtable. [ID:nN14259040]

MARKETS NEWS

* Japan's Nikkei average stayed flat on Wednesday as investors took profits from earlier gains while technical signs still showed overheating in the market. [ID:nTOE6BE00G]

* U.S. stocks cut gains to end mostly flat after a late-day sell-off on Tuesday in New York as yet another cautious statement from the Federal Reserve on the economy offset strong retail sales data for November.

* The dollar edged up against a basket of major currencies early in Asia on Wednesday in the wake of upbeat U.S. economic data, but commodity currencies were the real winners with the Australian dollar back at parity against the greenback.

* Spot gold held steady on Wednesday, after the Federal Reserve reaffirmed its commitment on monetary easing, but a dollar rebound is expected to weigh.

* U.S. futures regulator will unveil this week a broad framework for controlling speculation in commodity markets but will likely delay imposing detailed limits amid industry concerns that trading volumes would dry up. [ID:nN13225158]

(GMT) DATA/EVENTS 1200 U.S. Mortgage index Weekly 1330 U.S. Ex-food/Energy mm Nov 1330 U.S. Consumer Prices mm Nov 1330 U.S. Ex-food/Energy yy Nov 1330 U.S. Consumer Prices yy Nov 1330 U.S. Real earnings Nov 1400 U.S. Net capital inflows Oct 1415 U.S. Industrial output mm Nov 1500 U.S. NAHB housing market indx Dec 1530 U.S. EIA weekly crude stocks 1530 U.S. EIA weekly dist. stocks 1530 U.S. EIA weekly gasoline stk * NYMEX January crude options expire on Wednesday. * The NYMEX January crude contract expires on Dec. 20. (Reporting by Rebekah Kebede; Editing by Himani Sarkar)