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NYMEX-US crude rises above $83 after three-week slide
October 20, 2014 / 12:16 AM / 3 years ago

NYMEX-US crude rises above $83 after three-week slide

SINGAPORE, Oct 20 (Reuters) - U.S. crude futures bounced back above $83 a barrel on Monday after a three-week fall that pulled prices to their lowest since 2012 amid abundant supply and slack demand.

FUNDAMENTALS

* U.S. crude for November delivery was up 67 cents at $83.42 a barrel by 2355 GMT. The contract dropped 3.6 percent last week, having touched a low of $79.78 on Thursday, its weakest since June 2012.

* Brent oil for December rose 34 cents to $86.50 per barrel. The benchmark marked a fourth straight weekly loss last week when it dropped to as far as $82.60, its lowest since November 2010.

* Money managers cut their net long U.S. crude futures and options positions in the week to Oct. 14, the U.S. Commodity Futures Trading Commission said.

* The fiercest fighting in days shook the Syrian border town of Kobani overnight as Islamic State fighters attacked Kurdish defenders with mortars and car bombs.

* A self-styled rival government controlling Libya’s capital announced its own oil policies last week, drawing a rebuttal from Prime Minister Abdullah al-Thinni who said oil revenues continued to go to the elected government.

* Indian refiners will pay $500 million to Iran this week, the second installment in an interim deal that allows Tehran to recover part of overseas frozen oil revenues that are payments for oil it has sold.

* Indonesia’s President-elect Joko Widodo plans to order the steepest rise in subsidised fuel prices in nine years soon after he takes over the reins of Southeast Asia’s largest economy.

MARKETS NEWS

* The U.S. dollar edged higher against a basket of major currencies on Friday after strong U.S. consumer sentiment data calmed nerves at the end of a week of severe market volatility.

* World equity markets rallied, with European stocks surging the most in more than two years, and bond prices slid as investors poured back into beaten-down markets on solid U.S. corporate earnings and rising consumer sentiment.

DATA AHEAD (GMT)

0600 Germany Producer prices Sep

0800 Euro zone Current account Aug

0800 Italy Industrial orders Aug (Reporting by Manolo Serapio Jr.; Editing by Richard Pullin)

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