Global oil prices pared much of its gains in European trade Tuesday as the dollar regained against the euro amid negative Euro zone industrial production reports.
Light sweet crude for October delivery was seen trading at $76.61 a barrel at 1.00 p.m London time while Brent crude was at $78.58 a barrel on the ICE Futures exchange.
In other Nymex trading in October contracts, heating oil was down 0.46 cent at $2.1181 a gallon and gasoline shed 2.06 cents to $1.9600 a gallon. Natural gas lost 0.7 cent to $3.945 per 1,000 cubic feet.
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Analysts said negative report by Eurostat, the EU's statistics office offset oil disruption reports from the US.
Industrial production in the Euro zone was flat in July, against expectations for a modest increase, and a survey of German investor sentiment was much weaker than expected.
A stronger dollar tends to push down oil prices by making crude more expensive for investors holding other currencies. The euro fell to $1.2840 from $1.2867 late Monday in New York.
However analysts said the black gold may comeback later in the day as prices remained supported by U.S. pipeline problems.
Repair crews found the source of the leak of a 670,000-barrel-per-day pipeline that carries crude from Canada to the upper Midwest, but line owner Enbridge Energy Partners said it didn't know when oil would begin flowing again.
The supply disruption caused a sharp spike in gas prices across that region.
Enbridge also shut down a 70,000-barrel-a-day line from Westover, Ontario to New York when about a gallon of a petroleum-based product was discovered during a sewer installation project.
Repair crews were working to find the source of the leak, and the company said Monday it did not know how long that line would be shut down.
Oil has traded in the $70s for most of the last year as the global economy recovers from last year's recession. Some analysts expect strong crude demand in emerging economies such as China will offset sluggish consumption in developed countries and begin to make a dent in record U.S. supplies.
The American Petroleum Institute will release its report on oil stocks later Tuesday while the report from the Energy Department's EIA market benchmark will be released on Wednesday.
Light sweet crude for October delivery was seen trading at $76.61 a barrel at 1.00 p.m London time while Brent crude was at $78.58 a barrel on the ICE Futures exchange.
In other Nymex trading in October contracts, heating oil was down 0.46 cent at $2.1181 a gallon and gasoline shed 2.06 cents to $1.9600 a gallon. Natural gas lost 0.7 cent to $3.945 per 1,000 cubic feet.
Will edible oil prices continue to weaken? For latest trends and insightful analysis on India s oilseeds market, subscribe to Commodity Online Info Service
Analysts said negative report by Eurostat, the EU's statistics office offset oil disruption reports from the US.
Industrial production in the Euro zone was flat in July, against expectations for a modest increase, and a survey of German investor sentiment was much weaker than expected.
A stronger dollar tends to push down oil prices by making crude more expensive for investors holding other currencies. The euro fell to $1.2840 from $1.2867 late Monday in New York.
However analysts said the black gold may comeback later in the day as prices remained supported by U.S. pipeline problems.
Repair crews found the source of the leak of a 670,000-barrel-per-day pipeline that carries crude from Canada to the upper Midwest, but line owner Enbridge Energy Partners said it didn't know when oil would begin flowing again.
The supply disruption caused a sharp spike in gas prices across that region.
Enbridge also shut down a 70,000-barrel-a-day line from Westover, Ontario to New York when about a gallon of a petroleum-based product was discovered during a sewer installation project.
Repair crews were working to find the source of the leak, and the company said Monday it did not know how long that line would be shut down.
Oil has traded in the $70s for most of the last year as the global economy recovers from last year's recession. Some analysts expect strong crude demand in emerging economies such as China will offset sluggish consumption in developed countries and begin to make a dent in record U.S. supplies.
The American Petroleum Institute will release its report on oil stocks later Tuesday while the report from the Energy Department's EIA market benchmark will be released on Wednesday.
