SINGAPORE, Feb 18 (Reuters) – U.S. crude futures were steady
on Monday after falling more than 1 percent in the previous
session following an unexpected dip in U.S. industrial
production.
Trading volumes are likely to be lean with U.S. investors
away for a public holiday.
FUNDAMENTALS
* U.S. crude for March delivery was off 12 cents at
$95.74 a barrel by 0118 GMT. The contract dropped 1.5 percent on
Friday.
* Brent crude edged up 22 cents to $117.88 a barrel,
after posting its first weekly loss in five last week.
* U.S. industrial production unexpectedly fell in January,
weighed down by weak manufacturing and mining, according to a
report on Friday that was another sign of slow economic activity
at the start of the year.
* U.S. manufacturing also got off to a tepid start as motor
vehicle output tumbled in January, but a rebound in factory
activity in New York state this month suggested any setback
would be temporary.
* Financial leaders from the world’s 20 biggest economies
may have promised not to devalue their currencies to help
exports, but the pledge will do little to keep exchange rates
stable.
* Saudi crude exports fell for the third month running in
December, but the fall in shipments was less dramatic than a
drop in oil production, official data showed.
* Syria’s opposition coalition is ready to negotiate
President Bashar al-Assad’s exit with any member of his
government who has not participated in his military crackdown on
the uprising, coalition members said.
MARKETS NEWS
* Japanese shares rallied and the yen fell on Monday after
Tokyo escaped direct criticism from its G20 peers on its
aggressive reflationary plans that have weakened the currency.
DATA/EVENTS (GMT)
0900 Euro zone Current account
0900 Euro zone Net investment flow
1430 European Central Bank President Mario Draghi testifies
at the European Parliament
(Reporting by Manolo Serapio Jr.; Editing by Joseph Radford)
