Oil steadies above $91 before release of US inventory data

January 6th, 2011 by James

Oil steadies above $91 before release of US inventory dataOil steadied above $91 a barrel today ahead of U.S. inventory data expected to show a drawdown in crude and distillate stocks in the world’s largest oil user.

The NYMEX crude for February delivery slipped seven cents to $91.42 a barrel by 0531 GMT (12:31 a.m. ET), while ICE Brent crude fell 14 cents to $94.24.

From in.news.yahoo.com:

U.S. oil prices climbed to a 26-month high of $91.88 on Monday, driven by a broad spectrum of factors ranging from the dollar and cold weather to OPEC and surging global fuel demand.

“Investors are especially keen to follow whatever factor is most supportive of prices moving higher,” said analysts at Cameron Hanover in a research note.

Bullish money managers have stormed into the oil market, setting a fresh record high for net long crude positions on the New York Mercantile Exchange.

Oil’s rally looked all the more secure due to rhetoric from several OPEC ministers, who have signaled $100 was a fair price.

Crude’s rise, however, took a breather early Wednesday on forecasts for warmer temperatures in the snow-slammed U.S. Northeast, curbing demand in the world’s top heating oil market.

Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd, said, “Oil is tracking the cold weather in the Northeast of the United States and also the dollar against the euro.”

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