NYMEX crude rises above $135, rebounds from slide
U.S. crude oil futures rose on Tuesday, rebounding from Monday when a stronger dollar and
profit-taking led to one of the biggest single-session falloffs in history.
* Front-month U.S. crude for July delivery CLc1 was up 73 cents, or 0.54 percent, at $135.08 a barrel on the Globex electronic trading platform. On Monday, it settled lower by $4.19, or 3.02 percent, at $134.35.
U.S. crude jumped to a record $139.12 on Friday, for the biggest single-session gain of $10.75.
* The dollar firmed on Monday after U.S. Treasury Secretary Henry Paulson did not rule out intervening in currency markets to stabilise the greenback, adding the Bush administration was
“focused” on both the dollar and oil prices.
* The Cabinet of the top oil exporter Saudi Arabia said on Monday it would call for a meeting between producing and consuming nations to discuss prices.
The Saudi cabinet added there were no fundamental reasons for the oil price surge, adding that markets were well supplied.
* Iran’s OPEC governor, Mohammad Ali Khatibi, said on Monday there was no reason for the Organization of Petroleum Exporting Countries to meet before its next scheduled gathering in
September as there was nothing to talk about.
Other OPEC members continued to reiterate that they saw no need to increase output.
* The U.S. average retail price for regular gasoline topped $4 a gallon for the first time, according to a survey issued on Sunday by the travel group AAA.
* A Reuters preliminary poll of analysts ahead of the release of U.S. government weekly oil product inventories due out on Wednesday forecasts a decline of 500,000 barrels in crude stocks,
while distillates and gasoline are expected to show increases of 1.6 million barrels and 1.3 million barrels, respectively.
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Oil prices as of 0015 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude JUL8 $135.08 +0.73 -$4.19 -3.02% $127.87
Heat Oil JUL8 390.25 +2.55 -9.70 -2.44% 372.75
RBOB JUL8 340.50 +1.10 -15.40 -4.34% 331.31
Natgas JUL8 $12.632 +0.028 -$0.089 -0.70% $11.727
ICE Contracts
Brent JUL8 $134.53 +0.62 -$3.78 -2.75% $127.45
Gasoil JUN8 NA +$11.00 +0.88% $1217.68
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
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