Oil remains flat-lined as traders wait for new cue

PanARMENIAN.Net - Oil flat-lined for a second day Tuesday, Nov 5, as traders waited for a new cue after a month of falling prices, the Associated Press reports.

Benchmark U.S. crude for December delivery was up 11 cents at $94.73 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 1 cent to close Monday at $94.62, its lowest since mid-June.

Oil climbed above $108 in September amid worrying headlines about instability in Egypt and the civil war in Syria. It sank after that as Iran re-entered international talks over its nuclear program and rising U.S. crude stockpiles indicated muted demand.

U.S. economic indicators later in the week might determine whether oil continues to fall. The advance estimate of third quarter economic growth will be released Thursday and October hiring figures are due Friday.

Brent crude, a benchmark for international crude also used by U.S. refineries, was up 19 cents to $106.42 a barrel on the ICE exchange in London.