NYMEX - SEOUL, Nov 22 (Reuters) - U.S. crude
extended gains on Thursday ahead of a U.S. holiday, buoyed by a weaker dollar
and a surprise drop in U.S. crude oil stocks, while a ceasefire in the
oil-producing Middle East capped prices as it eased concerns about supply.
FUNDAMENTALS
- U.S. crude oil futures had climbed 31 cents to $87.69 a barrel by 0005 GMT, after settling up 63
cents, or 0.7 percent, at $87.38 a barrel on Wednesday.
- Brent crude futures settled up $1.03, or 0.9 percent, at $110.86 a
barrel previously.
- Data from the U.S. Energy
Information Administration showed on Wednesday that total U.S. crude oil
inventories fell 1.47 million barrels in the week to Nov. 16 to 374.47
million barrels, after analysts polled by Reuters had forecast a build of
900,000 barrels.
- A ceasefire between Israel and
Gaza's Hamas rulers took hold on Thursday after eight days of conflict,
although deep mistrust on both sides cast doubt on how long the
Egyptian-sponsored deal can last.
Even after the ceasefire came into
force late on Wednesday, a dozen rockets from the Gaza Strip landed in Israel,
all in open areas, a police spokesman said. In Gaza, witnesses reported an
explosion shortly after the truce took effect at 1900 GMT, but there were no
casualties and the cause was unclear.
- Six world powers agreed on
Wednesday to seek renewed talks with Iran as fast as possible, reflecting
a heightened sense of urgency to resolve a long rift over Tehran's
disputed nuclear activity and avert the threat of war.
- NATO ambassadors met on
Wednesday to consider a Turkish request for the deployment of Patriot
missiles near its border with Syria as the conflict in its southern
neighbour deepens.
- U.S. manufacturing grew in November at its quickest pace in five months, with a rise in domestic demand hinting that factories could provide a boost to economic growth in the fourth quarter.
FCPO - SINGAPORE, Nov 22 (Reuters) -
Malaysian palm oil futures fell on Thursday, slipping for a third straight day,
as slowing exports continued to weigh and investors stayed cautious ahead of a
bailout deal for Greece that could boost sentiment.
International lenders will meet again
next Monday after they failed for the second week to reach a deal to release
emergency aid for Greece, but major lender Germany signalled that significant
divisions remain.
"The price outlook for crude
palm oil has deteriorated. With the cargo surveyors’ export data for the first
20 days of November showing a decline of about 3 percent, we see a higher
possibility now of November’s inventory level to register another record
high," Alan Lim Seong Chun, research analyst with Malaysia's Kenanga
Investment Bank, said in a note on Thursday.
Regional Equities - Nov 22 (Reuters) - Singapore stocks
rose to a more than one-week high on Thursday, led by banks as solid
manufacturing surveys in the United States and China allayed concerns about the
global slowdown, while other markets ended mixed, weighed down by worries over
debt problems in Greece.
Indonesia added 0.4 percent with $15.03 million foreign inflow, while Thailand finished 0.2 percent firmer on heavy volume.
Malaysia which witnessed a foreign outflow of $15.19 million, fell 0.3 percent and
Vietnam edged down 0.2 percent, both on thin
volumes.
