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NYMEX-Crude up on China demand, unrest in Middle East

15.02.2011 , Reuters

SEOUL, Feb 15 (Reuters) - U.S. crude futures pared some losses in early Asian trade on Tuesday, buoyed by Chinese demand and unrest in the Middle East, which could trigger supply disruptions of crude oil.

China's crude oil imports rose 27 percent from a year ago to the fourth highest on record as the country's trade surplus fell to its lowest in nine months in January.

The crude oil markets took a breather on Monday, weighed down by a rise expected in U.S. crude inventories. Ahead of weekly inventory reports, a Reuters poll forecast that U.S. crude inventories rose 2.6 million barrels last week, with expectations that crude stocks at Cushing rose to another record.

While market concerns eased after Egyptian President Hosni Mubarak stepped down and gave power to the army last week, protests in neighbouring Iran, Yemen and Bahrain limited the market's relief.

FUNDAMENTALS

* NYMEX crude for March delivery was up 0.09 cents, or 0.11 percent, at $84.90 a barrel by 2351 GMT, after settling down 0.9 percent at $84.81. Near Monday's close, the contract hit a session low of $84.58, the lowest since Dec. 1, when prices hit $83.63.

* U.S. crude's discount against Brent crude was at $14.33 <CL-LCO1=R>, after closing at $14.35.

* In London, ICE Brent April crude , the new front month, was up 2.14 cents at $102.96 a barrel, after settling at $103.08, the highest since Sept. 26, 2008, when front-month Brent traded from $100.91 to $104.30 to close at $103.54.

MARKETS NEWS

* UAE Oil Minister Mohammed al-Hamli said on Monday that events in Egypt had helped to drive oil above $100 a barrel and the price could not be explained by the balance of supply and demand, adding the market was well supplied.

* Iranian security forces deployed in Tehran to prevent an opposition rally and government backers chased down pro-reform demonstrators in Yemen's capital, turning unrest increasingly violent. Bahraini police fired tear gas and rubber bullets to break up protests in villages ringing the capital Manama.

* The S&P 500 edged up, trading near its highest since June 2008 but the index was stuck in the 1,325-1,333 area without enough buyers to get through this technical hurdle. The Dow Jones industrial average fell 0.04 percent to 12,268.19. The Nasdaq Composite Index rose 0.28 percent to 2,817.18.

* The euro nursed losses early in Asia on Tuesday, having fallen to a three-week low, and may struggle to gain traction after a meeting of European finance ministers ended with no concrete solution to the region's fiscal problems. The euro last traded at $1.3485 .

* London Metal Exchange (LME) copper for three-month delivery hit a record $10,170.25 per tonne in after-hours trade, having closed up $199 at $10,160, matching the previous high. On New York's COMEX metals exchange, benchmark copper traded near record highs set last week.

UPCOMING DATA/EVENTS (GMT)

0430 Japan Dec industrial output

0630 Bank of Japan monetary policy meeting/ governor speech

1000 Euro zone flash GDP for Q4/ trade balance for Dec

1330 US retail sales for Jan/ import/export prices for Jan

1800 US Treasury Secretary testifies on budget proposals

(Reporting by Cho Mee-young; Editing by Clarence Fernandez)

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