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NYMEX-U.S. crude steadies above $92 after biggest drop in 1 mth
March 20, 2013 / 12:31 AM / 5 years ago

NYMEX-U.S. crude steadies above $92 after biggest drop in 1 mth

SINGAPORE, March 20 (Reuters) - U.S. crude steadied above $92 a barrel on Wednesday after posting its biggest daily loss in nearly a month in the previous session, although uncertainty in the euro zone after Cyprus’ rejection of bailout terms is expected to keep a lid on prices.

FUNDAMENTALS

* U.S. crude for April delivery inched up 4 cents to $92.20 a barrel by 0006 GMT after a 1.7 percent loss on Tuesday, the biggest daily fall since February.

* Brent crude for May delivery edged up 12 cents to $107.57 after a near 2 percent drop to a three-month low on Tuesday. The price fall was the largest for front-month Brent since November.

* The spread between Brent and West Texas Intermediate narrowed to $14.61 at one point during Tuesday’s trading, the narrowest level since mid-January CL-LCO1=R.

* Cyprus overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout on Tuesday, throwing international efforts to rescue the latest casualty of the euro zone debt crisis into disarray.

* In the United States, the Federal Reserve will conclude a policy meeting later on Wednesday that could provide some clues on whether it will scale back its accommodative monetary stance.

* Investors are also eyeing weekly oil inventories data from the U.S. Energy Information Administration for demand cues at the world’s largest oil consumer.

* U.S. fuel stocks data released by industry group the American Petroleum Institute (API) late on Tuesday showed U.S. crude stocks fell by 413,000 barrels last week.

* The European Union failed to reach agreement on Tuesday on a planned law that would require oil, gas and mining companies to declare payments to governments.

* Syria’s government and rebels accused each other of launching a deadly chemical attack near the northern city of Aleppo on Tuesday in what would, if confirmed, be the first use of such weapons in the two-year conflict.

MARKETS NEWS

* Global stock markets fell on Tuesday, extending the previous day’s decline as investors continued to fret about Cyprus and the possible effect on the euro zone should the island nation default and its banking system collapse.

* The euro was pinned near four-month lows against the U.S. dollar in Asia on Wednesday after Cyprus’ rejection of bailout terms.

DATA/EVENTS

* The following data is expected on Wednesday:

- 1430 GMT U.S. Weekly EIA petroleum report

- 1800 GMT U.S. Fed policy decision

- 2330 GMT Japan Reuters Tankan DI March

- 2350 GMT Japan Feb Exports (Reporting by Florence Tan; Editing by Himani Sarkar)

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