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Oil Gains on Positive Data, No New IEA Release
Jul 22,2011 08:56CST
data analysis
Source:SMM
Crude prices gained on Thursday as U.S. data came in upbeat and International Energy Agency (IEA) confirmed that it will release no more oil strategic reserve.

NEW YORK, Jul. 22 -- Crude prices gained on Thursday as U.S. data came in upbeat and International Energy Agency (IEA) confirmed that it will release no more oil strategic reserve.

According to Philadelphia Federal Reserve's survey, the Mid- Atlantic manufacturing sector expand in July after a contraction in June, with the Philly Fed's general business conditions index rising to 3.2 from minus 7.7. An improving manufacture lifted crude market sentiment.

As the euro-zone leaders summit is held on Thursday, there were signs that a plan to solve indebted Greece's fiscal problems would be adopted. Hopes among investors helped push oil higher.

And the euro rose over 1 percent against the dollar. The dollar index, therefore, dipped about 0.8 percent, making oil more attractive to the investors holding foreign currencies.

The IEA confirmed on Thursday that it would not release more oil reserve for now. The western watchdog said none of its 28 members asked to inject more oil into market after the 60-million release late June, missing the expectation of many analysts.

Light, sweet crude for September delivery rose 73 cents, or 0. 74 percent to settle at 99.13 dollars a barrel on the New York Mercantile Exchange. But in London, Brent crude for September delivery edged down 64 cents, or 0.54 percent to close at 117.51 dollars a barrel.

 

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