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Oil market update: Nymex steady, seeks direction

  • Market: Biofuels, Biomass, Coal, Corporate, Crude oil, Electricity, Emissions, Freight, Fundamentals, LPG, Natural gas, Oil products, Petroleum coke, Politics
  • 17/07/09

Singapore, 17 July (Argus) — Nymex crude futures were largely steady in today's after-hours session as the market watched for clearer indications of a global economic recovery.

At 08:30 GMT, the front-month August US crude futures contract was at $61.83/bl, falling by 19¢/bl from its close yesterday when the contract ended 48¢/bl higher.

The Nymex August front-month heating oil futures contract in after-hours trade fell by 1.73¢/USG to $1.5821/USG. Nymex August RBOB gasoline prices fell by 0.15¢/USG to $1.7120/USG.

Oil prices rose yesterday in line with stronger equities markets. China's higher than expected GDP growth of 7.9pc for the second quarter continued to underpin market sentiment.

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