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NYMEX-Oil steadies above $89, cold snap supports
Posttime:2010/12/21 3:19:37
* Gasoline futures steady after climbing to 7-mth high
 * Cold weather in U.S. Northeast to boost demand
 * Coming up: API oil inventory data, 2130 GMT
 SINGAPORE, Dec 21 (Reuters) - Oil was steady on Tuesday after rising for two consecutive sessions on seasonal demand 
and cold weather in the United States and Europe.	
 	
 FUNDAMENTALS	
 * U.S. crude for February CLc1 edged up 8 cents to $89.45 by 0131 GMT.	
 * U.S. gasoline futures RBc1 on Monday surged to an intra-day high of $2.3798 a gallon, the highest level since 
May. Prices, which were little changed on Tuesday, rallied on expectations for higher holiday driving demand and some supply 
tightness due to a refinery snag. [ID:nN20213137]	
 * Heating oil futures have also found support on forecasts for higher demand in the U.S. Northeast. Temperatures in the 
world's top heating oil market were forecast to be near to below normal in the next 6 to 10 days.	
 * U.S. crude oil inventories were expected to have fallen for the third week in a row last week as refiners continued to 
delay imports to keep inventories low for year-end tax considerations, a Reuters poll showed on Monday. 
 * Distillate stocks could have fallen 500,000 barrels on average, while gasoline was seen rising 1.6 million barrels, 
according to the poll.	
 * North Korea stepped back from confrontation over "reckless" military drills by the South and reportedly issued 
a new offer on nuclear inspections, drawing a cautious response from Seoul and Washington. [ID:nL3E6NK01M]	
 	
 MARKET NEWS	
 * The euro remained on the defensive barely clinging to its 200-day moving average on simmering fears that some euro 
zone countries and banks could face more borrowing strains. The dollar was little changed against a basket of currencies. 
 
 * Snow and freezing temperatures grounded flights and disrupted road and rail links across northern Europe, 
stranding travellers and closing schools.	
 * Combined inventories of gasoline, diesel and kerosene held by China's top two oil firms clawed back about 6 percent 
in November versus October, as refiners raised productions to record rates, slashed exports and boosted imports.	
 	
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