Brent crude fell towards $58 a barrel on Tuesday as the dollar scaled multi-year highs, but data showing a recovery in China's annual consumer inflation checked losses.
Tags: Oil Prices
Investors eye data as stocks approach records
Investors enjoying near-record levels for major stock indexes will scrutinize housing data and other economic indicators in the coming week for hints about the timing of U.S. interest rate hikes to see if the rally will continue.
Oil falls as dollar up, Kuwait sees OPEC output steady
Oil prices tumbled on Thursday as a rebounding dollar and Kuwait's stance that OPEC had no choice but to keep producing in an oversupplied market undercut the previous day's rally.
Philippines faces oil price hike, refineries decrease rates
Philippines faces oil price hike because of some oil plants are set to have maintenance this month. Also, according to Philippines Energy Department, the recent strikes in the United States affected the crude toll.
Bank of Japan to maintain aggressive stimulus, recovery view
The Bank of Japan is set to maintain its massive stimulus program on Tuesday and signal its conviction that a steady economic recovery will help achieve its ambitious price target without immediate, additional monetary easing.
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Whiting Petroleum Corp (WLL.N), North Dakota's largest oil producer, is seeking a possible buyer, according to the Wall Street Journal, but a person familiar with the board's thinking told Reuters he was not aware of any such plan.
Revised fourth-quarter Japanese data on Monday is likely to show capital spending was slightly stronger than expected, but overall economic growth was little changed from initial estimates, confirming the economy only managed to limp out of recession.
Brent crude oil fell almost 2 percent toward $61 a barrel on Monday after Iran said a deal on its nuclear program could be agreed this week if the West lifted sanctions, which could boost the country's oil exports.
Bank of Japan Governor Haruhiko Kuroda defended his two-year timeframe for achieving his ambitious inflation target, warning that adopting a relaxed approach to the deadline would undermine efforts to break the country out of the shackles of deflation.
U.S. economic growth braked more sharply than initially thought in the fourth quarter amid a moderate increase in business inventories and a wider trade deficit, but strong domestic demand brightened the outlook.
Japanese households cut spending further and retail sales fell for the first time in seven months in January, data on Friday is likely to show, a sign the central bank's radical stimulus has yet to convince consumers that inflation will take hold.
Crude oil futures fell on Tuesday as expectations that this week's reports will show U.S. crude inventories rose again countered supportive news of Libyan oilfields being shut.
The Nasdaq ended higher on Monday for a ninth straight day following gains in Apple (AAPL.O), while the Dow and S&P 500 eased off recent record highs as lower oil prices dragged down energy shares.
Three members of the Bank of Japan's policy board expressed doubts the central bank can meet its inflation target because of a slowdown in underlying prices and falling oil, pointing to chinks in the BOJ's strategy to spark sustainable growth.
