June 18, 2013 / 1:32 AM / 4 years ago

NYMEX-Oil inches up, but investors cautious ahead of Fed meeting

SINGAPORE, June 18 (Reuters) - U.S. oil ticked higher on Tuesday, holding near a nine-month peak struck in the previous session, but investors remain cautious as they wait for the outcome of a Federal Reserve meeting for clues on the outlook for U.S. economic stimulus.

FUNDAMENTALS

* NYMEX crude futures for July delivery had added 21 cents to $97.98 a barrel by 0030 GMT. On Monday the contract hit near $99 a barrel before settling lower at $97.77.

* The Fed, whose two-day policy-meeting starts on Wednesday, is under pressure to roll back some of the $85 billion in monthly bond purchases under its latest programme, after some advances in the U.S. economy. Its three quantitative easing schemes have buoyed prices of gold and other commodities.

* Confidence among U.S. homebuilders surged in June, staging its biggest gain since 2002 in one of the strongest signs yet that the U.S. housing recovery is gaining traction.

* Production at Norway’s Oseberg field and several adjunct fields in the North Sea was shut early on Monday and it was unclear when it would restart, its operator Statoil said on Monday.

* U.S. President Barack Obama sparred with Russia’s Vladimir Putin over how to end the war in Syria on Monday during an icy encounter at a G8 summit where divisions over the conflict eclipsed the rest of the agenda.

* U.S. commercial crude oil stocks likely fell last week due to lower imports, a preliminary Reuters poll of eight analysts showed on Monday.

MARKETS NEWS

* Asian shares were pressured on Tuesday despite an overnight rise in global markets, with investors on tenterhooks for news of the Fed’s plans for its stimulus programme.

* The U.S. dollar climbed against the yen for the first time in five sessions on Monday.

DATA/EVENTS

* The following data is expected on Tuesday: (Time in GMT)

0200 China FDI (ytd) May CNFDI=ECI

0430 Japan Industrial output rev Apr JPIP4=ECI

0900 Germany ZEW economic sentiment Jun DEZEWS=ECI

1145 U.S. ICSC chain stores yy Weekly USUBSY=ECI

1230 U.S. Build permits: change mm Dec USBPP=ECI

1230 U.S. House starts mm: change Dec USHSTM=ECI

1230 U.S. Housing starts number mm May USHST=ECI

1230 U.S. Core CPI mm, sa May USCPF=ECI

1230 U.S. CPI mm, sa May USCPI=ECI

1230 U.S. Core CPI yy, nsa May USCPFY=ECI

1230 U.S. CPI yy, nsa May USCPNY=ECI

2030 U.S. API weekly crude stocks Weekly USOIAC=ECI

2030 U.S. API weekly dist. stocks Weekly USOIAD=ECI

2030 U.S. API weekly gasoline stk Weekly USOIAG=ECI

2350 Japan Exports yy May JPEXPY=ECI (Reporting by Luke Pachymuthu; Editing by Joseph Radford)

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