Oil steady near $84; US inventories, Europe in focus
SINGAPORE, Dec 1 (Reuters) - Oil was steady near $84, capped by a stronger dollar as financial markets remained focused on Europe's debt problems, while an industry report signalled a drawdown in U.S. fuel inventories may be slowing.
"Weak equities and dollar strength capped the upside as fundamentals suggest physical supplies would remain adequate," said Stefan Graber, a commodities analyst with Credit Suisse in Singapore. "In the U.S., inventories of crude oil, distillates and gasoline all remain above their five-year average."
POLL-US crude stockpiles seen down on lower imports
NEW YORK, Nov 30 (Reuters) - U.S. crude oil inventories fell last week as imports dipped, an expanded Reuters poll of 18 analysts showed on Tuesday.
Fourteen of the analysts expected that crude stockpiles fell in the week to Nov. 26, with the average forecast at 900,000 barrels, the poll showed.
US wheat rises for 5th session on weather worries
SYDNEY, Dec 1 (Reuters) - U.S. wheat futures gained more than half a percent, rising for the fifth straight session on concerns that adverse weather in the United States and Australia will hurt crops
"The two-week forecast is showing a lot more rain than it was a couple of days ago so it does not look good," said Adam Davis, the senior grain trader at Merricks Capital in Melbourne.
US farm exports on track for record FY2011 - USDA
WASHINGTON, Nov 30 (Reuters) - U.S. farm exports are forecast at a record $126.5 billion in fiscal year 2011, an increase of $17.8 billion from a year ago, the Agriculture Department said on Tuesday.
USDA increased its export estimate for 2011 by $13.5 billion from its August forecast to reflect an increase in a range of crops including soybeans, cotton, wheat and beef.
Gold near 2-week high, bullion in euro hits record
SINGAPORE, Dec 1 (Reuters) - Gold held near its highest in more than two weeks as growing fears about Portugal's debt pummeled the euro, sending bullion priced in the single currency to a record high.
"Consequently, we have raised our 2011 gold price forecast to $1,500 an ounce from $1,245 an ounce previously. If we see the gold rally extending in 2012, it will however take place at a more moderate pace. We expect gold to average around 1,600 an ounce in 2012," BNP Paribas said in a report.
Euro, stocks wobble as euro zone debt worries deepen
SINGAPORE, Dec 1 (Reuters) - The euro slipped further on Wednesday and stocks in Asia were struggling, despite stronger-than-expected manufacturing data from China, as fears of a wider euro zone debt crisis grew.
"You really need some aggressive action from the authorities in Europe to try and calm nerves and that's really the key at this stage," Greg Gibbs, a strategist at RBS in Sydney, said.
OIL: Crude steady; US crude stocks, Europe eyed
SINGAPORE, Dec 1 (Reuters) - Oil was steady near $84 on Wednesday as financial markets remained focused on Europe's debt problems, while an industry report signalled that a drawdown in U.S. fuel inventories may be slowing.
Inventories of distillates including heating oil diesel unexpectedly rose by 224,000 barrels last week in top consumer the United States, according to an industry report from the American Petroleum Institute (API).
COMMODITY MARKETS: Precious metals benefit, oil suffers from weak euro
NEW YORK, Nov 30 (Reuters) - Gold and silver jumped on Tuesday, ending a volatile month higher as persistent worries about euro zone sovereign debt contagion prompted safe-haven buying, but oil and some grains slipped as the euro slumped to 2-1/2-month lows.
"We continue to see a stream of data that I think is very constructive for the economy and for commodity prices. People are putting a little bit of risk back on today," said Matthew Zeman, head of trading with LaSalle Futures Group in Chicago.
GLOBAL MARKETS: Euro sinks on Portugal debt woes; stocks down
NEW YORK, Nov 30 (Reuters) - Growing fears about Portugal's debt drove the euro to a 10-week low against the dollar on Tuesday, while U.S. stocks fell for a third straight day even as the U.S. economy showed some encouraging signs.
"The market has taken what to happened to Ireland as a road stop, not the final destination," said Vincent Boberski, senior vice president at Vining Sparks in Memphis, Tennessee.
Bloomberg: Japanese stock futures and Australian shares fell on concern Europe’s debt crisis is worsening and as Standard & Poor’s said it may cut Portugal’s credit ratings.
FOREX-Euro at 2-mo low vs dollar as bailout fears abound
NEW YORK, Nov 29 (Reuters) - The euro hit a two-month low against the dollar on Monday and may face further losses after Ireland's rescue did little to erase investors' fears that another euro-zone economy may require a bailout.
At one point, the euro fell as low as $1.3065, its worst showing against the dollar since September. It last changed hands down 0.9 percent at $1.3121.
PRECIOUS-Gold in euros sets new highs on euro zone jitters
LONDON, Nov 30 (Reuters) - Gold climbed on Tuesday and set fresh record highs in euro terms, benefiting from safe-haven buying as a weekend rescue package for Ireland failed to assuage investors' jitters over further debt contagion in the euro zone.
The euro hit its lowest in 10 weeks against the dollar.
Debt contagion fears hurt European markets
LONDON, Nov 30 (Reuters) - The euro hit a 10-week low against the dollar and world stocks struggled as euro zone debt problems weighed on investor sentiment even after Ireland's bailout.
"Speculators are targeting Italy and Spain and are not going to stop. We haven't seen any selling from real money (accounts) yet, they're all very nervous but haven't started selling, when they do it's going to be a wash," one Italian trader said.
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