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NYMEX-Crude steady, eyes longest weekly winning run since 2009
January 25, 2013 / 1:01 AM / 5 years ago

NYMEX-Crude steady, eyes longest weekly winning run since 2009

SINGAPORE, Jan 25 (Reuters) - U.S. crude futures were steady on Friday, on track for a seventh straight week of gains as signs of a recovering global economy brightened the outlook for fuel demand.

A seven week run has not been seen since February-April 2009.

FUNDAMENTALS

* U.S. crude for March delivery was little changed at $95.91 a barrel by 0042 GMT, after rising 0.8 percent on Thursday. The contract hit a four-month high on Wednesday but steep losses later on that day has curbed its weekly gain so far to 0.4 percent.

* U.S. oil bounced back overnight on strong economic data from China and the United States as well as expectations that the vital Seaway pipeline could resume full capacity operation within a week.

* Manufacturing in China and the United States grew this month at the quickest pace in about two years while data suggesting German growth picked up boosted hopes for a swifter euro zone recovery.

* The number of new claims for jobless benefits in the United States dropped to a five-year low last week.

* In Japan, core consumer prices slipped for a second straight month in the year to December, signalling the economy was still in deflation and piling more pressure on the central bank to adopt further stimulus steps to achieve its new inflation target.

* The White House denounced threats by North Korea to carry out further rocket launches and a nuclear test as “needlessly provocative,” saying such actions would violate U.N. resolutions and increase Pyongyang’s diplomatic isolation.

MARKETS NEWS

* Asian shares were steady on Friday after solid global economic data boosted investor appetite for riskier assets, while the yen hit fresh lows on expectations Japan will pursue bold policies to beat deflation and stimulate growth.

DATA/EVENTS (GMT)

0900 Germany Ifo business climate

0930 UK Preliminary Q4 GDP

1500 U.S. New home sales (Reporting by Manolo Serapio Jr.; Editing by Edwina Gibbs)

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