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CORRECTED-NYMEX-U.S. crude rebounds after biggest weekly drop since June 2012
January 6, 2014 / 12:40 AM / 4 years ago

CORRECTED-NYMEX-U.S. crude rebounds after biggest weekly drop since June 2012

(Corrects milestone in headline, lead; sharpest weekly drop in U.S. crude since June 2012, not September 2012)

SINGAPORE, Jan 6 (Reuters) - U.S. oil futures rebounded in early Asian trade on Monday after the contract settled lower in the four previous sessions and posted its biggest weekly drop since June 2012.

A large build in distillate stockpiles in the U.S. caused the Nymex contract to fall more than $1 a barrel on Friday. Oil has also been weighed down by concerns over slowing growth in China, a strong U.S. dollar and weakness in equity markets.


* U.S. crude for February delivery rose 19 cents to $94.15 a barrel by 0023 GMT, after dropping $1.48 a barrel on Friday.

* Brent crude for February delivery was 14 cents higher at $107.03 a barrel, after a 89 cent fall on Friday.

* Libya has restarted oil production at the key El Sharara field after protesters ended a two-month blockade, the state-run National Oil Corp said on Sunday. The resumption of the southern field could lift output to 600,000 barrels per day (bpd) from 250,000 bpd.

* Peace talks between rebels and the government in South Sudan faced further delays, after gunshots rang out in the country’s capital, Juba, for about an hour on Sunday. South Sudan has faced disruptions to its oil supply after fighting broke out three weeks ago.

* A fire late Saturday at the 242,000-barrel-a-day Duque da Caxias Refinery run by Brazil’s Petrobras cut gasoline and diesel output from one of the state-run oil company’s key production facilities, a situation likely to boost money-losing fuel imports, the refinery’s union said.


* Asian shares dipped on Monday, while the dollar hovered near a four-week high, maintaining gains even after Federal Reserve Chairman Ben Bernanke said the U.S. central bank is committed to an accommodative policy.

* MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent, adding to a 1.1 percent drop to a two-week low on Friday.

* Against a basket of major currencies, the U.S. dollar added 0.1 percent to near a four-week high set on Friday.


* The following data is expected on Monday:

0853 - German PMI for December

0858 - Euro Zone PMI for December

0928 - UK services PMI for December

N/A - U.S. Treasury Secretary Jacob Lew in Paris, Lisbon, Berlin for economic talks with top European officials. (Reporting by Jacob Gronholt-Pedersen; Editing by Edwina Gibbs)

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