SINGAPORE (Reuters) - U.S. crude edged up on Wednesday, snapping two days of falls, but remained under $96 a barrel as a renewed focus on a weak global economy and indications that the world's top oil exporter Saudi Arabia is pumping more oil held back the market.
FUNDAMENTALS
U.S. crude for October delivery rose 31 cents to $95.60 per barrel by 7.18 p.m. EDT. U.S. October crude which expires on Thursday, settled at $95.29 a barrel in the previous session, below the 200-day moving average of $95.57. U.S. November crude was up 29 cents at $95.91 a barrel.
London's Brent crude for November delivery was down 24 cents at $111.70 a barrel.
A senior Gulf source said Saudi Arabia is working to lower oil prices and is producing around 10 million barrels per day, putting additional pressure on oil prices. OPEC members and other producers would be increasing output over the next few months to limit any further spike in prices.
U.S. crude stocks rose 2.4 million barrels last week, the industry group American Petroleum Institute said on Tuesday, a bigger rise than expected.
Crude and distillate stocks were expected to be up 1.0 million barrels, with gasoline inventories up 1.2 million barrels, a Reuters survey of analysts taken ahead of weekly reports showed.
A trader pressing the wrong key was not the likely cause of a plunge in oil prices on Monday, Commissioner Bart Chilton of the Commodity Futures Trading Commission told Reuters.
China posted a monthly capital outflow in August for the third time this year, likely prompted by investors pulling funds from the country in the face of slowing growth and rapidly deteriorating corporate profits.
MARKET NEWS
A stronger dollar <.dxy> on Tuesday also weighed on oil prices, as the euro fell against the U.S. currency on uncertainty about whether or not debt-stressed Spain will request a bailout. A strengthened U.S. currency can put pressure on dollar-denominated commodities such as oil.
The euro dropped 0.58 percent. The yen was also pressured, with speculation that the Bank of Japan might loosen policy on Wednesday following last week's move by the U.S. central bank.
(Reporting by Luke Pachymuthu)
Source: http://news.yahoo.com/crude-below-96-growth-worries-saudi-action-003548856--finance.html
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