SINGAPORE, May 16 (Reuters) – U.S. crude futures slipped
towards $94 a barrel on Thursday as rising U.S. gasoline stocks
weighed on sentiment, but prices were buoyed as talks between
the United Nations’ nuclear agency and Iran stalled.
U.S. crude had fallen 18 cents to $94.12 a barrel by
0300 GMT, after ending 9 cents higher to snap four sessions of
losses. Brent slipped 8 cents to $103.60, after settling
up $1.08.
FUNDAMENTALS
* The UN nuclear agency failed to persuade Iran on Wednesday
to let it resume an investigation into suspected atomic bomb
research, leaving the high-stakes diplomacy in deadlock and
reviving concerns about supply from the Middle East.
* Bomb attacks in Baghdad and northern Iraq killed more than
35 people on Wednesday, underlining fears over political
stability in the region.
* U.S. crude inventories fell last week, while gasoline and
distillate stocks rose along with refinery rates, data from the
Energy Information Administration showed on Wednesday.
* Elsewhere, a European investigation into alleged price
rigging by major oil companies has drawn attention to leading
price agency Platts and the way it sets oil price benchmarks.
MARKETS NEWS
* U.S. stocks rose on Wednesday, with the Dow and S&P; 500
hitting new all-time highs in a broad market rally as recent
upward momentum persisted.
* The euro declined to its lowest level against the dollar
in six weeks on Wednesday.
DATA/EVENTS
* The following data is expected on Thursday:
– 0200 China Foreign direct investment
– 0900 Euro zone Eurostat trade
– 1230 U.S. Building permits
– 1230 U.S. Housing starts
– 1230 U.S. CPI
– 1230 U.S. Weekly jobless claims
– 1400 U.S. Philly Fed business index
(Reporting by Manash Goswami; Editing by Joseph Radford)
