Wednesday, November 10, 2010

20101110 0948 Global Market News.

Oil dips towards $86; China imports slump
SINGAPORE, Nov 10 (Reuters) - Oil fell for a second day after China's crude imports tumbled last month and the dollar strengthened, suppressing the bullish effect of an unexpected drop in inventories in top consumer the United States.
"With China coming off, combined with a stronger dollar, we should have a downward correction," said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp. "The market went up too much over the past couple of weeks."

China Oct crude oil imports lowest in 19 mths
BEIJING, Nov 10 (Reuters) - China's crude oil imports in October fell 15 percent from a year ago to the lowest level since April, as oil firms drew on stocks following record imports in September, preliminary trade figures showed on Wednesday.
China, the world's second-largest crude buyer, brought in 16.39 million tonnes of crude last month, or 3.86 million barrels per day, and imports for the first 10 months gained 19.5 percent at 197.55 million tonnes, the General Administration of Customs said on its website

Global oil use higher in 2011 on better economy-EIA
WASHINGTON, Nov 9 (Reuters) - Global oil demand next year will be higher than previously thought, thanks to stronger economic growth, the U.S. government's energy forecasting agency said on Tuesday.
The U.S. Energy Information Administration boosted its 2011 world oil demand growth forecast by 33,000 barrels per day to 1.44 million bpd, with fuel use next year now pegged at nearly 87.8 million bpd.

OIL: Crude extends fall from 2-yr high as dollar firms
TOKYO, Nov 10 (Reuters) - U.S. crude futures extended declines on Wednesday after hitting a two-year high the day before, as a stronger dollar outweighed the impact of sharp declines in U.S. oil inventories.
The International Energy Agency said global oil supplies will near a peak by 2035 and oil prices might exceed $100 a barrel in 2015 and $200 in 2035.

COMMODITY MARKETS: Mkts advance but dlr rebound takes away some gains
NEW YORK/LONDON, Nov 9 (Reuters) - A sharp climb in the dollar eroded early gains in gold, oil and silver on Tuesday, but soft commodities extended their runaway surge and soybeans belatedly joined the rally.
"The selloff started because the market had gone too far, too fast," said Frank McGhee, head precious metals trader at Chicago's Integrated Brokerage Services LLC.

GLOBAL MARKETS: US stocks, commodities drop on risk aversion
NEW YORK, Nov 9 (Reuters) - Investors pulled away from speculative bets late on Tuesday, roiling U.S. stock and commodities markets and pushing the dollar higher.
"The markets in general are severely overbought and something has to give," Troy Buckner, managing principal of hedge fund NuWave Investment Management LLC of Morristown, New Jersey.

Global oil use higher in 2011 on better economy-EIA
WASHINGTON, Nov 9 (Reuters) - Global oil demand next year will be higher than previously thought, thanks to stronger economic growth, the U.S. government's energy forecasting agency said on Tuesday.
The U.S. Energy Information Administration boosted its 2011 world oil demand growth forecast by 33,000 barrels per day to 1.44 million bpd, with fuel use next year now pegged at nearly 87.8 million bpd.

PRECIOUS-Gold hits record on inflation worry, Europe debt
SINGAPORE, Nov 9 (Reuters) - Gold rose to a record for the fourth straight session on Tuesday as inflation worries and euro zone sovereign debt woes continue to lure investors to precious metals.
Spot silver hit a new 30-year high of $28.16, and palladium extended gains to a new nine-year peak of $714.25. Spot gold rose to an all-time high of $1,414.60 an ounce, before easing to $1,413.50 by 0706 GMT.

FOREX-Euro undermined by sovereign debt worries, yen up
LONDON, Nov 9 (Reuters) - The euro extended losses on Tuesday, under pressure over renewed concerns about peripheral euro zone debt as some players closed long euro positions against the dollar ahead of year-end book-closing.
The euro fell to its lowest in over a week against the dollar, at $1.3823, and was down 0.5 percent for the day to trade at $1.3850.

GLOBAL ECONOMY-Obama returns fire after China slams Fed's move
NEW DELHI, Nov 8 (Reuters) - U.S. President Barack Obama defended the Federal Reserve's policy of printing dollars on Monday after China and Russia stepped up criticism ahead of this week's Group of 20 meeting.
The G20 summit has been pitched as a chance for leaders of the countries that account for 85 percent of world output to prevent a currency row escalating into a rush to protectionism that could imperil the global recovery.

World stocks gain despite euro zone debt worry
LONDON, Nov 9 (Reuters) - World stocks gained and Wall Street looked set to rise despite increasing concerns in Europe about the state of some euro zone debt.
"You've had the best of both worlds in equity markets. You've had good data, particularly in jobs, earnings growth and the Fed stimulus has brought bond yields down," said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin.

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