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NYMEX – US crude edges higher on economic data, stock market rise

SINGAPORE – U.S. crude extended its climb into a second day on Friday, inching up on brighter economic data in the United States and on gains in major stock markets.

Oil markets were also buoyed after the European Central Bank said it was considering further stimulus measures, although a strong dollar and concerns over global oversupply capped oil price gains.

FUNDAMENTALS

* U.S. crude for December delivery had risen 7 cents to $45.45 a barrel by 0017 GMT, after ending up 18 cents in the previous session.

* Brent for December delivery climbed 21 cents to $48.29 a barrel, having settled the last session 23 cents higher.

* Russian President Vladimir Putin said on Thursday that Kiev is not fulfilling key points of the Minsk agreement, the international peace deal aimed at halting fighting between Ukraine and pro-Russian forces in eastern Ukraine.

* At least 20 Iran-allied Houthi militia fighters were killed in heavy clashes with Yemen government supporters in Yemen’s third-largest city Taiz on Thursday, forces loyal to the government said.

* Iran President Hassan Rouhani welcomed conditional approval of a nuclear agreement with six major powers by the country’s top authority, Supreme Leader Ayatollah Ali Khamenei, Iran’s state television reported on Thursday.

* OPEC members Iran, Saudi Arabia and Nigeria said on Thursday they plan to submit national strategies to tackle climate change ahead of a U.N. summit in December in a sign of widening participation even by oil producers.

MARKETS NEWS

* The euro fell to a two-month low against the dollar in Asia on Friday after the European Central Bank signaled further easing in its monetary policy, a day after it had posted one of the biggest fall in recent years.

* U.S. home resales rebounded strongly in September and new applications for unemployment benefits hovered around 42-year lows last week, pointing at solid domestic fundamentals even as the global economy falters.

In related news, NYMEX – U.S. crude dips below $46 after stock build adds to glut worries.

(Reporting by Keith Wallis; Editing by Joseph Radford)

This article was from Reuters and was legally licensed through the NewsCred publisher network.