PERTH, Feb 19 (Reuters) – U.S. crude futures slipped in
early Asian trading on Tuesday, after a day of light trading due
to the U.S. President’s Day holiday.
FUNDAMENTALS
* U.S. crude for March delivery dropped 26 cents to
$95.60 a barrel by 0119 GMT.
* Brent crude rose 10 cents to $117.48 a barrel.
* A bearish target of $116.28 per barrel remains unchanged
for Brent as a correction from the Feb. 8 high of $119.17 will
continue. U.S. oil is expected to drop to $94.24 per barrel, as
indicated by its wave pattern, according to a Reuters technical
analysis.
* U.S. manufacturing got off to a weak start this year 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.
* A sharp cut in Saudi Arabia’s crude output and exports
may support crude prices going forward.
* Major powers plan to offer an easing of sanctions on
trading gold and other precious metals with Iran in return for
steps to shut down Iran’s newly expanded Fordow uranium
enrichment plant, Western officials told Reuters.
* Brazil’s state-led Petroleo Brasileiro SA was
forced to shut down operations for nearly a day at its PPM-1
offshore oil platform in the Pampo Field after an oil leak.
* Egypt will implement its delayed plans to ration
subsidised fuel through a system of smart cards at the beginning
of July.
MARKETS NEWS
* The yen rose on Tuesday after Japanese ministers played
down talk of foreign bond buying by the country’s central bank,
a day after Prime Minister Shinzo Abe said such a policy could
be one option for monetary easing.
The S&P; 500 dipped in a late decline on Friday as
Wal-Mart dropped following a report of a weak start to February
sales, though the index just barely extended its streak of
weekly gains to seven.
DATA/EVENTS (GMT)
1000 Germany ZEW economic sentiment Feb
1500 U.S. NAHB housing market indx Feb
2350 Japan Exports yy Jan
