Crude Little Changed Near $89
Source: RTT News (12/21/10)
"The price of crude oil was flat Tuesday morning with unusually cold weather across Europe placing a floor."
Light Sweet Crude Oil (WTI) futures for February delivery edged down $0.11 to $89.26 a barrel. Yesterday, oil edged up despite a firm U.S. dollar.
China today confirmed that its crude oil imports moved up 22% year-over-year to 20.91 million metric tons in November.
Meanwhile, the U.S. dollar remained steady near its 3-week high versus the euro and hit a fresh 3-month high against sterling. The buck was extending losses versus the Swiss Franc, while struggling for direction against the yen after the Bank of Japan kept its monetary policy stance unchanged.
Today after the markets close, the API will come out with its weekly U.S. crude oil inventories report. Analysts expect crude oil inventories to move down by 2.4 million barrels and gasoline inventories pile up by 1.75 million barrels in the week ended December 17.