Tuesday 29 September 2015

Crude rebounds in Asia after sell off in U.S. overnight

  • Crude oil prices rebounded in Asia on Tuesday after a sharp sell off overnight on concern of a Fed rate hike.
  • Ahead, the American Petroleum Institute will releases estimates of U.S. crude stockpiles last week to be followed by more closely watched data from the U.S. Department of Energy on Wednesday.
  • Earlier, San Francisco Federal Reserve Bank President John Williams said Monday in the U.S. he sees monetary policy in the U.S. beginning to normalize this year.
  • "All in all, things are looking up," Williams said in remarks prepared for a UCLA Anderson School of Management event, "and if they stay on track, I see this as the year we start the process of monetary policy normalization.
  • On the New York Mercantile Exchange, WTI crude for November delivery rose 0.27% to $44.559 a barrel.
  • Overnight, crude futures fell more than 2% on Monday reversing gains from late last week, amid mounting concerns that an interest rate hike by the Federal Reserve will weigh on energy prices worldwide.
  • On the Intercontinental Exchange (ICE), Brent crude for November delivery wavered between $47.27 and $48.42 a barrel before closing at $47.34, down 1.28 or 2.63% on the session. The spread between the international and U.S. domestic benchmarks of crude stood at $2.89, just above Friday's level of $2.88 at the close of trading.

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