Crude oil futures hold steady ahead of inventories data
ecPulse
2014-07-22 15:21PM UTC
Brent stood steady above $107 per barrel on Tuesday, supported by escalating geopolitical tensions from Ukraine and expectations of a large decline in U.S. oil inventories. Brent crude for September delivery was up 35 cents under $108 a barrel, while U.S. oil for August delivery lost early gains to trade down 30 cents near $104 a barrel. The U.S. front-month contract expires on Tuesday. U.S. Crude oil futures for September delivery fell to $102.65 a barrel, before hitting session highs of $103.35 a barrel. The European benchmark has kept in a tight range since surging nearly 2 percent last Thursday after news that a Malaysia Airlines jet had been shot down over eastern Ukraine. Reports that Ukrainian forces were moving into the eastern city of Donetsk added to concerns that the conflict may escalate. The conflict in Gaza fuelled worries that tensions may spread across the Middle East, as Israeli jets, tanks and artillery continued to pound the territory and the death toll from a two-week conflict topped 500. Oil investors will turn their focus later to weekly U.S. commercial crude oil inventories, which are likely to have dropped 2.8 million barrels in the week to July 18, according to a survey by Bloomberg. Speculators mostly kept to the sidelines, with light volumes across most risk assets including oil, but the risks in oil prices seemed to point towards gains, with the possibility of new Western sanctions on Russia, the world`s top crude producer. The survey was taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) due at 20:30 GMT and from the U.S. Department of Energy`s Energy Information Administration (EIA) due on Wednesday. Crude stockpiles fell by 7.5 million barrels the previous week, the biggest draw since January, caused by a sharp increase in refinery activity.
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