June 24, 2013 / 1:31 AM / 4 years ago

NYMEX-Crude holds above $93 after three-day fall

SINGAPORE, June 24 (Reuters) - U.S. crude futures steadied above $93 a barrel on Monday, after falling for the past three sessions and posting their worst week since April amid worries over Chinese demand and U.S. economic stimulus being pared back.

FUNDAMENTALS

* U.S. crude for August delivery was little changed at $93.62 a barrel by 0103 GMT. The contract dropped 4.3 percent last week, its biggest such loss since the first week of April.

* Brent crude eased 31 cents to $100.60 a barrel, adding to last week's drop when the contract fell by nearly 5 percent, also the most since early April.

* A firmer dollar is also weighing on oil prices, with the greenback getting a boost after the U.S. central bank laid out a timeline for reducing its monthly bond purchases.

* In China, concern is mounting from growing evidence of slower economic growth and after the Chinese central bank let short-term interest rates spike to extraordinary levels this past week as it refused to inject funds into money markets.

* Russia's Rosneft agreed a $270 billion deal to double oil supplies to China, as the Kremlin energy champion shifts its focus to Asia from saturated and crisis-hit European markets.

* BP Plc was starting up the revamped crude distillation unit at the heart of a $4-billion overhaul of its 405,000-barrels-per-day Whiting, Indiana, refinery, said sources familiar with refinery operations.

MARKETS NEWS

* The dollar scaled a two-week peak against a basket of major currencies, while Asian shares steadied.

DATA/EVENTS (GMT)

0800 Germany Ifo business climate

0800 Germany Ifo expectations

0800 Italy Consumer confidence

1230 U.S. Chicago National Activity Index

1430 U.S. Dallas Fed Manufacturing Index (Reporting by Manolo Serapio Jr.; Editing by Himani Sarkar)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below