Steady trading was seen in Asian on Tuesday ahead of economic news in the U.S. and China later this week. The New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $97.72 a barrel, down $0.05. August Brent crude on London’s ICE Futures exchange rose $0.05 to $105.52 a barrel. While waiting to see if the U.S. Federal Open Market Committee signals a tapering of its bond-buying program at the end of its meeting Wednesday, investors remained cautious. Less quantitative easing could weigh on commodity prices, including oil. Analysts said “Rising oil inventories and softer global oil demand forecasts appear to be weighing on sentiment”. A more uncertainty week is expected pointing to the Fed meeting, the conclusion of the G8 meeting later Tuesday, and preliminary Chinese manufacturing data due Thursday.
ICE gasoil for July changed hands at $889.50 a metric ton, down $4.50 from Monday’s settlement.