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MTECHTIPS:-Crude oil little changed near 4-month low as markets eye Sandy
Crude oil futures were little changed near the previous session’s fourth-month low during European morning hours on Tuesday, as refineries along the U.S. East Coast scaled back operations in response to the threat of Hurricane Sandy.On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD85.62 a barrel during European morning trade, easing up 0.1%.New York-traded oil prices held in a tight range of USD85.83 a barrel, the session high and a daily low of USD85.14 a barrel. On Monday, futures fell to USD84.70 a barrel, the weakest level since July 12.NYMEX floor trading will remain closed for a second day Tuesday, according to exchange operator CME Group, while electronic trading of energy and other NYMEX products will be unaffected.
Trading activity was expected to remain thin on Tuesday, as investors continued to monitor the trajectory of Hurricane Sandy, as it barrels along the U.S. East Coast.Hurricane Sandy made landfall in Southern New Jersey late Monday, causing major damage along the U.S. Northeast.The storm, the largest in the Atlantic on record, has since been downgraded to a post-tropical cyclone by the U.S. National Hurricane Center.
Crude oil futures were little changed near the previous session’s fourth-month low during European morning hours on Tuesday, as refineries along the U.S. East Coast scaled back operations in response to the threat of Hurricane Sandy.On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD85.62 a barrel during European morning trade, easing up 0.1%.New York-traded oil prices held in a tight range of USD85.83 a barrel, the session high and a daily low of USD85.14 a barrel. On Monday, futures fell to USD84.70 a barrel, the weakest level since July 12.NYMEX floor trading will remain closed for a second day Tuesday, according to exchange operator CME Group, while electronic trading of energy and other NYMEX products will be unaffected.
Trading activity was expected to remain thin on Tuesday, as investors continued to monitor the trajectory of Hurricane Sandy, as it barrels along the U.S. East Coast.Hurricane Sandy made landfall in Southern New Jersey late Monday, causing major damage along the U.S. Northeast.The storm, the largest in the Atlantic on record, has since been downgraded to a post-tropical cyclone by the U.S. National Hurricane Center.
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