Thursday, December 13, 2012

20121213 1104 Global Markets & Energy Related News.

GLOBAL MARKETS-Asian shares inch higher after Fed's stimulus steps
TOKYO, Dec 13 (Reuters) - Asian shares extended gains for a seventh day, after the U.S. Federal Reserve took new stimulus steps to bolster the economy, putting the yen under pressure as expectations grow for more aggressive easing from the Japanese central bank next week.
"The Fed's easing measures met the market's expectations, while the setting of clear inflation and unemployment targets exceeded hopes and will clear uncertainty on the monetary front," said Kim Yong-goo, an analyst at Samsung Securities.

FOREX-Yen extends fall, USD pinned down by aggressive Fed
SYDNEY, Dec 13 (Reuters) - The yen languished at eight-month lows against the dollar and euro as markets expect the Bank of Japan to expand its own easing programme after the Federal Reserve surprised by explicitly linking policy to unemployment.
"Dollar/yen has been moving up for a little while now and you're seeing the trend continue. It gets moved a fair bit by U.S. yields and those moved up despite what the Fed did, shows you a bit of market positioning," said Joseph Capurso, a strategist at Commonwealth Bank.

Oil up on more Fed stimulus, OPEC holds output target
NEW YORK, Dec 12 (Reuters) - Oil prices rose sharply on Wednesday, with Brent crude pushing toward $110 a barrel after the U.S. Federal Reserve announced plans for more monetary stimulus, while a Texas refinery fire lifted refined product futures.
"We were expecting the IEA to revise demand lower for next year in this morning's report, so the fact that they didn't was taken as a bullish signal," said Andy Lebow, vice president at Jefferies Bache in New York, though he cautioned that overall demand for OPEC's crude would still be lower in 2013 than 2012.

IEA sees sluggish oil demand in 2013, good supply
LONDON, Dec 12 (Reuters) - Global oil demand will be sluggish throughout 13 as economic expansion remains tepid and oil supply levels comfortable, which could alleviate oil price pressures on consumers, the West's energy agency said on Wednesday.
It forecast global oil demand growth for 2013 at 865,000 barrels per day, 110,000 bpd higher than in its previous report, taking consumption to an average of 90.5 million bpd.

Iraq, Saudi on OPEC collision course over next oil curb
VIENNA, Dec 12 (Reuters) - A new rivalry at the top of OPEC has emerged, pitting up-and-coming Iraq against undisputed oil cartel heavyweight Saudi Arabia.
Having overtaken Iran as OPEC's second biggest producer, a rejuvenated Iraq is beginning to worry Riyadh.  At Wednesday's meeting of the Organization of the Petroleum Exporting Countries the opening salvos were fired in the struggle over who takes responsibility for cutting output if oil prices, comfortable for now at $109 a barrel, start falling.

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