الرئيسية
U.S. jobless claims data point to firmer recovery
* Risk of supply disruption from Iran, Iraq supports
* Coming Up: U.S. weekly CFTC commitment of traders data;
2030 GMT
(Updates prices)
SINGAPORE, Dec 23 (Reuters) - Brent futures were
steady above $107 a barrel on Friday, supported by fresh signs
of a strengthening U.S. economy and the prospect of supply
disruptions from the Middle East.
U.S. government data showed new claims for unemployment
benefits dropped to their lowest in 3-1/2 years, while consumer
sentiment at the world's biggest oil consumer improved in
December to its highest level in six months.
Brent crude slipped 11 cents to $107.78 a barrel by
0253 GMT after settling Thursday 18 cents higher at $107.89 a
barrel. For the week, Brent is poised to rise 4.6 percent,
reversing losses in the previous week.
U.S. crude fell 5 cents to $99.48 a barrel. The
benchmark is set for a 6.3 percent weekly gain, after falling
the week before.
"The highlight is the continuation of good data on the U.S.
economy. China also seems to have managed to orchestrate a soft
landing, which is supportive of oil prices," said Ben Le Brun,
market analyst with OptionsXpress in Sydney. "The problem child
is still Europe."
Trading volumes are expected to be low as investors stayed
away from riskier assets ahead of the Christmas break, he added.
Asian shares followed Wall Street higher on the U.S. data,
while the euro remained subdued on concerns over the debt crisis
in Europe.
SUPPLY RISKS
Rising tensions in Iran and Iraq renewed fears of crude
supplies being disrupted from the two OPEC producers.
A rash of bombings hit Baghdad in the first big attack on
Iraq's capital since a crisis between its Shi'ite Muslim-led
government and Sunni rivals erupted after the withdrawal of U.S.
troops.
State television quoted a navy commander as saying Iran's
navy will conduct a 10-day wargame in an area from east of the
Strait of Hormuz to the Gulf of Aden starting on Saturday,
adding to oil supply worries.
Another OPEC member, Nigeria, has suffered an actual supply
disruption. Royal Dutch Shell said its
200,000-barrels-per-day deepwater Bonga facility, which accounts
for around 10 percent of Nigeria's output, is shut with no
planned restart date after an oil leak on Tuesday.
Supply disruptions pose a bigger risk to the market now as
oil stockpiles in developed countries have fallen significantly
over the past year, JP Morgan analysts said in a research note.
Since the end of 2010, OECD crude and product inventories
have fallen by 92 million barrels, or 2.3 percent, as of
October, compared to the typical seasonal increase of 57 million
barrels, they said.
"With the Libyan outage, crude spiked about $20 a barrel,
but the impact was cushioned by ample inventories. Moving into
2012 however, the global economy does not have this luxury," the
report said.
The bank expects Brent crude prices to trade between
$100-120 a barrel if disruptions are kept to a minimum.
* Risk of supply disruption from Iran, Iraq supports
* Coming Up: U.S. weekly CFTC commitment of traders data;
2030 GMT
(Updates prices)
SINGAPORE, Dec 23 (Reuters) - Brent futures were
steady above $107 a barrel on Friday, supported by fresh signs
of a strengthening U.S. economy and the prospect of supply
disruptions from the Middle East.
U.S. government data showed new claims for unemployment
benefits dropped to their lowest in 3-1/2 years, while consumer
sentiment at the world's biggest oil consumer improved in
December to its highest level in six months.
Brent crude slipped 11 cents to $107.78 a barrel by
0253 GMT after settling Thursday 18 cents higher at $107.89 a
barrel. For the week, Brent is poised to rise 4.6 percent,
reversing losses in the previous week.
U.S. crude fell 5 cents to $99.48 a barrel. The
benchmark is set for a 6.3 percent weekly gain, after falling
the week before.
"The highlight is the continuation of good data on the U.S.
economy. China also seems to have managed to orchestrate a soft
landing, which is supportive of oil prices," said Ben Le Brun,
market analyst with OptionsXpress in Sydney. "The problem child
is still Europe."
Trading volumes are expected to be low as investors stayed
away from riskier assets ahead of the Christmas break, he added.
Asian shares followed Wall Street higher on the U.S. data,
while the euro remained subdued on concerns over the debt crisis
in Europe.
SUPPLY RISKS
Rising tensions in Iran and Iraq renewed fears of crude
supplies being disrupted from the two OPEC producers.
A rash of bombings hit Baghdad in the first big attack on
Iraq's capital since a crisis between its Shi'ite Muslim-led
government and Sunni rivals erupted after the withdrawal of U.S.
troops.
State television quoted a navy commander as saying Iran's
navy will conduct a 10-day wargame in an area from east of the
Strait of Hormuz to the Gulf of Aden starting on Saturday,
adding to oil supply worries.
Another OPEC member, Nigeria, has suffered an actual supply
disruption. Royal Dutch Shell said its
200,000-barrels-per-day deepwater Bonga facility, which accounts
for around 10 percent of Nigeria's output, is shut with no
planned restart date after an oil leak on Tuesday.
Supply disruptions pose a bigger risk to the market now as
oil stockpiles in developed countries have fallen significantly
over the past year, JP Morgan analysts said in a research note.
Since the end of 2010, OECD crude and product inventories
have fallen by 92 million barrels, or 2.3 percent, as of
October, compared to the typical seasonal increase of 57 million
barrels, they said.
"With the Libyan outage, crude spiked about $20 a barrel,
but the impact was cushioned by ample inventories. Moving into
2012 however, the global economy does not have this luxury," the
report said.
The bank expects Brent crude prices to trade between
$100-120 a barrel if disruptions are kept to a minimum.