Oil up near $90/bbl as crude, gasoline inventories drop
PERTH, Dec 22 (Reuters) - Oil prices rose to hover just below $90 a barrel, supported by data showing a drop in U.S. oil and gasoline inventories, a winter cold snap in the United States and Europe amid thin trading volumes.
"Big drops in crude oil and gasoline inventories in the API data pushed the oil market to the up. But buying interest around this level, around $90 a barrel, is not so large, " said Ken Hasegawa, a commodity derivatives manager at Japan's Newedge brokerage.
Japan Nov crude oil imports rise 5.8 pct y/y
TOKYO, Dec 22 (Reuters) - Japan's crude oil import volume rose 5.8 percent in November from a year earlier, the biggest rise since May 2008, as refineries replenished supplies ahead of the peak winter season while stocks remain low.
Japan, the world's third-biggest oil consumer, imported 18.833 million kilolitres (3.95 million barrels per day) of crude oil last month on a customs cleared basis, preliminary data from the Ministry of Finance showed on Wednesday.
Gold ticks up on euro zone debt fears; currencies watched
SINGAPORE, Dec 22 (Reuters) - Gold inched up, with sentiment still supported by worries of more ratings downgrades for debt-ridden European countries and the euro's diminishing appeal to investors.
"Every time we touch a high, we can see many people taking a chance to take profits," said Louis Lok, a dealer at Bank of China in Hong Kong.
Euro off lows on report of China help offer; stocks hold gains
SINGAPORE, Dec 22 (Reuters) - The euro won some reprieve from a report of China's offer to help Europe contain the debt crisis that has kept the single currency on the defensive and drove it to record lows against the Swiss franc in early Wednesday trade.
Asian stock markets clung to Tuesday's gains in light pre-holiday trade after upbeat arnings forecasts and a flurry of merger activity lifted European and Wall Street stocks, pushing U.S. stocks to more than two-year highs.
OIL: Crude extends gains on API crude stock drop
TOKYO, Dec 22 (Reuters) - U.S. crude futures extended gains to near $90 a barrel on Wednesday, getting support from industry data showing a surprise large drop in U.S. crude inventories.
Prices got a lift from American Petroleum Institute data, released late on Tuesday, showing a large 5.8 million barrel decline in weekly crude stocks, surpassing analyst expectations for a 2.3-million-barrel drop in a Reuters poll.
COMMODITY MARKETS: Up again despite dollar; copper, cotton hit record
NEW YORK, Dec 21 (Reuters) - Commodity prices rose for a second straight day on Tuesday as investors betting the sector would keep rallying in 2011 bought into thinly traded markets, pushing copper and cotton to a record and many markets higher.
"This is year-end and people are squaring their books, but it seems like there are fresh funds coming in," said Andrey Kryuchenkov at Moscow-based commodity traders VTB Capital.
GLOBAL MARETS: Global stocks rise ahead of 2011, euro down
NEW YORK, Dec 21 (Reuters) - Global stocks rose on Tuesday on upbeat corporate results and mergers amid bets of stronger global growth next year, while the euro fell on worries of more ratings downgrades for indebted euro zone countries.
"U.S. economic policy has improved confidence in the outlook for growth and corporate earnings next year, and investors are taking the view that bond markets are no longer the place to be," said Mike Lenhoff, chief strategist at Brewin Dolphin.
China frets about spreading EU debt woes
BEIJING, Dec 21 (Reuters) - China urged European authorities to back their tough talk with action on Tuesday by showing they can contain the euro zone's simmering debt problems and pull the bloc out of its crisis soon.
China, which has invested an undisclosed portion of its $2.65 trillion reserves in the euro, said it backed steps taken by European authorities so far to tackle the region's debt problems, but made clear it would like to see the measures having more effect.
BOJ stands pat on policy, warns on output fall
TOKYO, Dec 21 (Reuters) - The Bank of Japan kept monetary policy steady as widely expected on Tuesday, holding off on easing as it scrutinises how escalating debt woes in Europe and a U.S.-driven rise in bond yields affect Japan's fragile economy.
In a statement announcing the rate decision, the central bank said it will steadily purchase various assets and provide longer-term funds through its 35 trillion yen ($418 billion) asset buying and market operation fund, to ensure that the effects of its monetary easing steps spread across the economy.
PRECIOUS-Gold rises towards $1,390/oz on euro, safe-haven bid
LONDON, Dec 21 (Reuters) - Gold prices rose towards $1,390 an ounce in Europe on Tuesday, supported by fresh strength in the euro and buoyant interest in the metal as a haven from risk amid fears of further borrowing strains in the euro zone.
Tensions ran high after ratings agency Moody's said it had put Portugal on review for a possible downgrade. This pulled gold from highs as it brought the euro under some pressure, though the single currency remained higher on the day.
FOREX-Euro pares gains as Moody's puts Portugal on review
LONDON, Dec 21 (Reuters) - The euro pared gains against the dollar in thin trade on Tuesday after ratings firm Moody's put Portugal on review for a possible downgrade, reinforcing worries that the euro zone's debt crisis would persist well into 2011.
The single currency also fell to a fresh lifetime low versus the Swiss franc as investor concerns over the euro zone periphery enhanced the safe haven status of the franc.
Wheat holds near 19-week top, corn firm on Argentina
SINGAPORE/MILAN, Dec 21 (Reuters) - Wheat prices were firm with the U.S. futures trading close to a 19-week top hit in the last session on concerns over supplies next year. Corn edged higher as hot weather and limited rainfall in Argentina fuelled worries about crop prospects in the world's second-largest corn exporter. "The focus is on harvest in Australia and certainly there has been some progress," said Brett Cooper, senior manager for markets at FCStone Australia.
China weekly corn sales low, local govt to buy corn
BEIJING, Dec 21 (Reuters) - Trades at a weekly state corn sale on Tuesday remained low, with feed mills in the south the biggest buyers because of cheap prices, while companies boosted purchases of this year's corn from farmers.
The central government sold 190,200 tonnes of nearly 1.8 million tonnes offered at the auction.
Euro slips on Moody's Portugal review; stocks up
LONDON, Dec 21 (Reuters) - The euro pared gains after Moody's put Portugal on review for a possible downgrade, while world stocks rose, driven by bargain-hunting investors betting on stronger global growth next year. "The Moody's announcement on Portugal has knocked some of today's optimism out of the euro but these credit announcements are not completely out of the blue any more so the negative reaction is always going to be a little bit more dampened than six months ago," said Jane Foley, senior currency analyst at Rabobank.
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