Oil futures edged higher on Tuesday, after China’s central bank injected emergency funds into banks to tackle concerns about liquidity.
February crude oil added 12 cents, or 0.1%, to $94.08 a barrel in electronic trading. Trading on the New York Mercantile Exchange paused on Monday afternoon for the Martin Luther King Jr. Day holiday.
The People’s Bank of China on Tuesday pumped 255 billion yuan (about $43 billion) into money markets via a repurchase program, hoping to address the demand for cash before the upcoming Chinese New Year and ease fears of a credit crunch.
Meanwhile, analysts said a fall in U.S. crude inventories has provided some support for crude prices.
U.S. crude inventories have dropped 41.2 million barrels over the past seven weeks, and possibly will be followed by another draw of “1-2 million barrels” in the week ended Jan. 17.
The U.S. Energy Information Administration was due to release its weekly oil inventory report on Thursday.
On Monday, the U.S. and European Union lifted some sanctions on Iran. The move comes after the country stopped enriching uranium, as part of a November deal that Tehran has reached with world powers to halt its nuclear development in exchange for limited sanctions relief.
Комментариев нет:
Отправить комментарий