Oil near US$97 before week of data, Fed meet
APBANGKOK--Oil hovered above US$97 a barrel Monday, consolidating ahead of a week littered with U.S. economic reports and a Federal Reserve policy meeting.
October 29, 2013, 12:22 am TWN
Benchmark U.S. crude for December delivery was down 27 cents at US$97.58 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange.
The contract gained 74 cents to US$97.85 on Friday but closed out the week with a 2.9 percent loss, largely due to signs of oversupply and muted demand.
U.S. data releases this week include September industrial production, retail sales, inflation and consumer confidence as well as a Fed policy meeting that could reinforce expectations that the central bank won't begin reducing its mammoth monetary stimulus until well into next year.
Brent crude, a benchmark for international crude also used by U.S. refineries, was up 47 cents at US$107.40 on the ICE futures exchange in London.
In other energy futures trading on the Nymex:
— Wholesale gasoline was up 0.7 cent at US$2.57 a gallon.
— Natural gas fell 0.8 cent to US$3.628 per 1,000 cubic feet.
— Heating oil rose 0.9 cent to US$2.918 a gallon.