NYMEX-Crude up on economy view ahead of EIA data

NEW YORK, July 21 (BestGrowthStock) – U.S. crude oil futures rose a third
straight day on Wednesday as economic optimism reflected in stronger
equities markets helped keep oil prices bolstered.

The potential for tropical weather disrupting energy infrastructure in
the Gulf of Mexico and data showing strong year-on-year oil demand in June
in China also supported oil ahead of the U.S. government’s weekly inventory
report due later on Wednesday.

FUNDAMENTALS

* On the New York Mercantile Exchange, front-month September crude
(CLU0: ) rose 85 cents to $78.43 a barrel by 8:40 a.m. EDT (1240 GMT),
trading from $77.44 to $78.46.

* U.S. stock index futures edged higher, lifted by solid earnings and a
strong outlook from technology giant Apple Inc (Read more about Apple stock future.) (AAPL.O: ). [.N]

* The U.S. National Hurricane Center decreased to 60 from 70 percent
the chance that a tropical wave moving across Hispaniola on Wednesday would
form a tropical depression. [ID:nN21106538]

* China’s apparent oil demand rose 10.3 percent in June over a year
earlier, Reuters calculations from official data showed on Wednesday.
[ID:nBJI002348]

* U.S. crude inventories fell less than expected last week, according
to weekly data from the American Petroleum Institute trade group released
on Tuesday. Crude oil stocks fell by 241,000 barrels in the week to July
16, the API said. Gasoline stocks fell by 412,000 barrels, against a
forecast build and distillates rose by 979,000 barrels, less than expected.
[API/S]
ECONOMIC NEWS

* Fed Chairman Ben Bernanke testifies on Fed’s semiannual monetary
policy report before Senate Banking Committee. 2 p.m. EDT (1600 GMT)

* EIA releases weekly crude oil and petroleum product report.
Forecasts: crude down 1.4 million barrels, gasoline up 900,000 barrels,
distillates up 1.7 million barrels. 10:30 a.m. EDT.
OUTSIDE MARKETS

* Gold holds near $1,190 an ounce after brief rally runs out of steam
in the face of well-received U.S. corporate earnings reports. [GOL/]

* World stocks rose while government bonds slipped in the wake of
strong earnings reports and expectations for solid second-quarter results
from heavyweight companies. [MKTS/GLOB]
8:40 LAST NET PCT LOW HIGH CURRENT DAY AGO

CHNG CHNG VOL VOL
CLc1 78.43 0.85 1.1% 77.44 78.46 33,887 169,548
CLc2 78.77 0.85 1.1% 77.8 78.79 9,179 308,732
RBc1 2.1027 0.0241 1.2% 2.0807 2.1048 1,431 32,723
RBc2 2.1027 0.0260 1.3% 2.0777 2.1036 2,514 30,417
HOc1 2.0487 0.0240 1.2% 2.0238 2.0487 1,347 43,368
HOc2 2.0760 0.0254 1.2% 2.0504 2.0762 2,032 30,469
TECHS LAST MA-30 MA-90 Boll up Boll dn RSI-30 Imp Vol
CLc1 78.44 76.03 78.16 79.76 72.08 56.42 31.78
RBc1 2.1027 2.0600 2.1800 2.1900 1.9700 45.25 33.15
HOc1 2.0487 2.0900 2.0800 2.2000 1.8300 46.18 31.56

Stock Market Research

(Reporting by Robert Gibbons; Editing by John Picinich)

NYMEX-Crude up on economy view ahead of EIA data