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Oil prices mostly flat as equities decline
Source: Agencies |
September 28, 2010, Tuesday
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OIL prices were little changed yesterday as traders watched the stock markets for clues about the pace of economic growth.
Benchmark oil for November delivery added 3 cents to settle at US$76.52 a barrel on the New York Mercantile Exchange, after falling to US$75.52 earlier in the trading session.
Stocks ended the day lower, with the Dow Jones Industrial Average off about 48 points.
Oil traders often look to stock markets as a barometer of overall investor sentiment.
Investors will be closely watching the latest indicators on U.S. consumer confidence on Tuesday and second quarter gross domestic product on Thursday, figures "which could make or break the equities rally," according to The Schork Report, an energy consultancy.
"Perhaps not surprisingly, speculative flows into the oil market have been slow to pick up," said KBC Energy Economics in Britain. "A lot of money is waiting on the sidelines that could be invested in oil when the time is right, but that moment does not seem to have arrived just yet."
In other Nymex trading, natural gas fell as tropical storms threats to Gulf of Mexico production evaporated. Natural gas lost 8.1 cents to settle at US$3.800 per 1,000 cubic feet.
Heating oil fell 0.78 cent to settle at US$2.1228 a gallon and gasoline added 0.17 cent to US$1.9488 a gallon.
In London, Brent crude lost 30 cents to settle at US$78.57 a barrel on the ICE Futures exchange.
Benchmark oil for November delivery added 3 cents to settle at US$76.52 a barrel on the New York Mercantile Exchange, after falling to US$75.52 earlier in the trading session.
Stocks ended the day lower, with the Dow Jones Industrial Average off about 48 points.
Oil traders often look to stock markets as a barometer of overall investor sentiment.
Investors will be closely watching the latest indicators on U.S. consumer confidence on Tuesday and second quarter gross domestic product on Thursday, figures "which could make or break the equities rally," according to The Schork Report, an energy consultancy.
"Perhaps not surprisingly, speculative flows into the oil market have been slow to pick up," said KBC Energy Economics in Britain. "A lot of money is waiting on the sidelines that could be invested in oil when the time is right, but that moment does not seem to have arrived just yet."
In other Nymex trading, natural gas fell as tropical storms threats to Gulf of Mexico production evaporated. Natural gas lost 8.1 cents to settle at US$3.800 per 1,000 cubic feet.
Heating oil fell 0.78 cent to settle at US$2.1228 a gallon and gasoline added 0.17 cent to US$1.9488 a gallon.
In London, Brent crude lost 30 cents to settle at US$78.57 a barrel on the ICE Futures exchange.
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