TOKYO, Nov 17 (Reuters) - U.S. crude futures edged higher on
Wednesday, supported after industry data late on Tuesday showed
U.S. crude inventories tumbled last week despite analyst
expectations for a 100,000-barrel build.
FUNDAMENTALS
* NYMEX crude for December delivery <CLc1> was up 22 cents at
$82.56 a barrel by 0007 GMT, after settling down $2.52 at $82.34
a day earlier. []
* Oil fell 2.97 percent on Tuesday, bringing its
three-session slump to 6.23 percent, the biggest three-day
percentage slide since the three days to Aug. 12.
* Oil has retreated amid worries over demand after hitting a
25-month peak above $88 a barrel last Thursday, its highest since
the midst of the financial crisis.
* A rise in the dollar on euro zone debt concerns has also
poured cold water on oil's recent rally. Markets are awaiting
Wednesday's numbers on U.S. consumer prices and housing starts
for a better read of the economy. []
* The American Petroleum Institute's weekly inventory report
late on Tuesday showed that crude stocks fell 7.7 million barrels
last week. [] []
The bulk of the crude draw came in PADD III, the southern
Gulf Coast region and home to the biggest U.S. refining complex,
where stocks fell more than 7 million barrels.
MARKETS NEWS
* The euro <EUR=> wallowed at seven-week lows versus the
dollar early in Asia on Wednesday, threatening to deepen a 5
percent slide seen so far this month with no immediate solution
for Ireland's debt crisis in sight. []
* U.S. stocks fell nearly 2 percent on Tuesday as the
prospect of more European bailouts and worries that China will
rein in inflation prompted investors to abandon risky assets.
[]
* Financial markets in Singapore and several Middle East
countries are closed for a holiday.
DATA/EVENTS
* The following data is expected on Wednesday:
0300 Japan PAJ weekly oil inventory data Nov 12 []
1200 U.S. Mortgage index Weekly <USMGM=ECI>
1330 U.S. Real earnings Oct <USEARN=ECI>
1330 U.S. Build permits: change mm Oct <USBPP=ECI>
1330 U.S. House starts mm: change Oct <USHSTM=ECI>
1330 U.S. Housing starts number mm Oct <USHST=ECI>
1330 U.S. CPI ex-food/energy mm SA Oct <USCPF=ECI>
1330 U.S. CPI inflation mm, SA Oct <USCPI=ECI>
1330 U.S. CPI x-food/energy yy NSA Oct <USCPFY=ECI>
1330 U.S. CPI yy, NSA Oct <USCPNY=ECI>
1530 U.S. EIA weekly crude stocks Nov 12 <USOILC=ECI>
1530 U.S. EIA weekly dist. stocks Nov 12 <USOILD=ECI>
1530 U.S. EIA weekly gasoline stk Nov 12 <USOILG=ECI>
1630 U.S. Cleveland CPI Oct <USCCPI=ECI>
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>Exxon says Nigeria oil platform raid cuts output[]
PRICES
Oil prices as of 0007 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude DEC0 $82.56 +0.22 -$2.52 -2.97% $84.05
Heat Oil DEC0 230.89 -0.01 -6.19 -2.61% 231.50
RBOB DEC0 216.19 +0.62 -3.93 -1.79% 213.86
Natgas DEC0 $3.821 +0.003 -$0.027 -0.70% $3.760
ICE Contracts
Gasoil DEC0 -- +0.00 -$14.75 -2.00% $722.80
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by Risa Maeda; Editing by Edmund Klamann)
