SINGAPORE, May 18 (Reuters) – U.S. crude prices hovered
above $92 a barrel on Friday, supported by the planned start of
a U.S. pipeline that will help ease a Midwest oil glut.
FUNDAMENTALS
* NYMEX crude for June edged up 10 cents to $92.66 a
barrel, after falling 25 cents the previous session. Thursday’s
close was the lowest settlement since November.
* ICE Brent crude futures for July delivery settled
at $107.49 a barrel on Thursday, falling $2.26 and marking the
lowest settlement since Dec. 30.
* The first crude oil was expected to flow on the
reversed Seaway pipeline this weekend, partners Enterprise
Products and Enbridge Inc said on Thursday, a
historic move to ease a Midwest oil glut and bring depressed
North American crude prices closer to world market levels.
* Prolonged electoral uncertainty has put Greece into a
state of deep freeze, meaning whoever finally emerges as the new
leader will take over a country already falling behind on its
promises to lenders.
* U.S. Senate Republicans blocked legislation for new
economic sanctions on Iran’s oil sector on Thursday saying they
needed more time to study the bill, a surprise move that drew
anger from Democrats who wanted approval ahead of nuclear talks
next week.
MARKETS NEWS
* The safe-haven yen posted sharp gains against the euro and
dollar on Thursday on concerns about banks in Spain and Greece,
chances of contagion if Greece leaves the euro and disappointing
U.S. economic data.
* New claims for U.S. jobless benefits last week held at
levels suggesting sluggish growth in hiring and factory activity
in the mid-Atlantic region contracted in May, worrisome signs
for a still-fragile economic recovery.
* Spain’s borrowing costs shot up at a bond auction on
Thursday and its troubled banks suffered a double blow, with
shares in part-nationalised Bankia diving and 16 lenders —
including the euro zone’s biggest — having their credit ratings
cut.
DATA/EVENTS
* The following data is expected on Friday:
0200 China House prices m/m May
1930 U.S. CFTC commitment of traders data Weekly
(Reporting by Randy Fabi; Editing by Richard Pullin)
