TOKYO, March 2 (Reuters) - U.S. crude futures were steady on Tuesday after falling more than 1 percent a day earlier ahead of industry data expected to show rises in U.S. crude stockpiles.
FUNDAMENTALS
* NYMEX crude for April delivery was up 13 cents at $78.83 a barrel by 0021 GMT, after settling down 96 cents at $78.70 a day earlier.
* On Monday, it rose to a high of $80.62, its highest since Jan. 13. Prices have traded in a range between $69 and $84 a barrel since last October, but $80 a barrel is being reinforced as a key resistance level, analysts said.
* Monday's decline came after mixed U.S. economic data and a stronger dollar versus the euro kept the energy markets under pressure.
* Oil rallied in early trade on Monday on a combination of bullish sentiment and a rise in copper futures following a massive earthquake on Saturday in Chile, the top producer of the indispensable industrial metal. [MET/L]
* The American Petroleum Institute will release its weekly crude inventory report on Tuesday, followed by the government's inventory report on Wednesday.
* According to a preliminary Reuters poll of analysts, crude stocks rose by 1.3 million barrels last week, while distillate stocks fell by 600,000 barrels and gasoline stocks increased by 400,000 barrels. [EIA/S]
MARKETS NEWS
* U.S. stocks climbed for a second straight day on Monday, boosted by AIG's record-setting deal to sell a major Asian unit and on gains in semiconductor shares after SanDisk Corp raised its revenue forecast.
* The euro fell against the U.S. dollar on Monday, led by lingering uncertainty over a bailout for debt-strapped Greece and tracking a sharp sell-off in sterling. [USD/]
DATA/EVENTS
* The following data is expected on Tuesday:
- 0645 GMT--Swiss GDP/Q4
- 1000 GMT--Euro Zone Inflation/Feb
- 1245 GMT--U.S. ICSC/GS Chain Stores Sales/Weekly
- 1355 GMT--U.S. Redbook Retail Sales/Weekly
- 2130 GMT--U.S. API Petroleum Report/Weekly
- No set time: U.S. Domestic car and truck sales/Feb
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PRICES Oil prices as of 0021 GMT Contract Mnth Price Change Day ago pct MA-20* NYMEX Contracts US Crude APR0 $78.83 +0.13 -$0.96 -1.21% $76.57 Heat Oil APR0 203.10 +0.75 -1.18 -0.58% 198.90 RBOB APR0 216.50 +0.94 -3.23 -1.48% 200.71 Natgas APR0 $4.715 +0.036 -$0.134 -2.78% $5.187 ICE Contracts Brent APR0 -- +0.00 -$0.70 -0.90% $74.98 Gasoil MAR0 -- +0.00 +$5.00 +0.80% $604.69 Note: U.S. heating oil and RBOB gasoline contracts listed in cents per gallon. * = 20-day moving average for continuation month. (Reporting by Osamu Tsukimori; Editing by Joseph Radford)
2010-03-02 00:40:04 GMT (Reuters)
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