Oil paused below $ 79 a barrel on Tuesday, was steady after three consecutive sessions of declines, as investors awaited further signs of stock market data and weekly crude inventories in the United States.
U.S. crude for December delivery fell 6 cents to $ 78.62 a barrel by 0931 GMT, after losing $ 1.82 to $ 78.68 Monday. Brent crude fell 2 cents to $ 77.24.
Operators are very attentive to the dollar on Tuesday, and also the report of the American Petroleum Institute (API, by its initials in English) that comes out later in the day, for signs on fuel demand in the world's largest consumer energy.
"At this time (the oil market) is more dependent on the direction of the dollar than anything they have to say the Department of Energy (U.S.), OPEC, China and even Goldman Sachs, analysts said Schork Group in his daily publication.
The dollar fell against the euro on Tuesday after a surge Monday on speculation the Federal Reserve would suggest an adjustment of monetary policy later.
Emphasizing the increased nervousness about stocks, commodities and currencies linked to high economic growth, the volatility of the futures market in Chicago, known as the VIX, rose 9.16 per cent stronger on Monday.
Stock markets in Europe bucked the trend with a marginal advance of 0.04 percent.
Energy stocks took the lead after the third quarter results from oil major BP beat forecasts, after an aggressive cost-cutting program.
While oil prices have risen nearly 77 percent this year, still trades at about half maximum of more than $ 147 a barrel seen in July 2008.
Analysts said investors are likely to remain cautious ahead of U.S. consumption figures in October and housing price data for August that will be available later in the day.
No hay comentarios:
Publicar un comentario