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  • cija2010 cija2010 Aug 26, 2009 1:32 AM Flag

    Crude overvalued by around $20 a barrel," said Tim Evans,

     

    crude overvalued by around $20 a barrel," said Tim Evans,

    25-Aug-09 08:47 PM there's a feeling that the markets are heavy and sinking, with
    crude overvalued by around $20 a barrel," said Tim Evans,

    NYMEX-Crude drops more than 3 pct on profit-taking
    Tue Aug 25, 2009 3:17pm EDT
    Email | Print | Share| Reprints | Single Page[-] Text [+] Market News Wall Street gains on housing, consumers and Bernanke | Video Oil tumbles from 10-month peak on profit-taking | Video Global stocks gain on Bernanke, data More Business & Investing News... Featured Broker sponsored link
    * U.S. consumer confidence up in August, above forecast * Wall Street up on housing, consumer sentiment * Dollar dips as upbeat data prompts riskier trades * Expanded poll forecasts crude stock drawdown NEW YORK, Aug 25 (Reuters) - U.S. crude oil futures ended
    more than 3 percent lower on Tuesday as traders booked profits
    after failure of the front-month October contract to break
    through resistance at $75. Prices fell as sell stops were triggered by a slew of long
    liquidations, traders said, despite positive home prices and
    consumer confidence reports, which had lifted Wall Street
    earlier. "There's been profit-taking in the energy markets ...
    there's a feeling that the markets are heavy and sinking, with
    crude overvalued by around $20 a barrel," said Tim Evans,
    energy market analyst at Citi Futures Perspective in New York. "On products, heating oil supplies are higher than a year
    ago and demand is weak. The same is true with gasoline, and
    with the summer driving season winding down, you can see how
    prices here can be under pressure," he added. Crude futures slumped ahead of weekly inventory data, due
    out at 4:30 p.m. EDT (2030 GMT) from the American Petroleum
    Institute and at 10:30 a.m. EDT (1430 GMT) on Wednesday from
    the U.S. Energy Information Administration. A forecast in an expanded Reuters poll of analysts on
    Tuesday showed that for the week to Aug. 21 crude inventories
    fell by 1.1 million barrels. [EIA/S] Analysts also forecast a 1.0 million-barrel drawdown in
    gasoline stocks and a 300,000-barrel increase in distillate
    supplies. In early trading, crude futures were up, lifted by Wall
    Street, which rose on supportive home prices data and on news
    that Fed Chairman Ben Bernanke will be renominated. [.N] U.S. equities also rose after the Conference Board said
    that its index of consumer attitudes climbed more than expected
    in August on an improved outlook on the job market and the
    economy.

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