Crude market dull on lack of news

17-Nov-10

Crude oil saw very marginal movement, slipping to US$82.1 on the Nymex for delivery in December while January Brent crude on London's ICE Futures exchange fell by twenty cents to US$84.5 a barrel. Dullness in crude markets can be attributed to lack of news. As most Asian shares ended lower tracking US blue chip stocks, global economic fears have been stoked, and the dollar seems to be strong against the euro for a while. Weekly data from the Energy Information Administration due later in the day is a major focus, analysts said. As per the American Petroleum Institute, US crude oil stocks fell by 7.652 million barrels, well beyond expectations for a modest decline while distillate stocks rose a slim 222,000 barrels despite a forecast for a large drop.