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MTECHTIPS;-NYMEX crude falls in Asia as investors await OPEC output curb details

Monday, October 3, 2016 1:21

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MTECHTIPS;-NYMEX crude falls in Asia as investors await OPEC output curb details

MTECHTIPS:- Crude prices dropped in Asia on Monday as investors noted China PMI figures released at the weekend showed expansion and as details are awaited on an OPEC plan to curb crude output. On the New York Mercantile Exchange, crude oil for delivery in November fell 0.87% to $47.82 a barrel. Markets in China are shut for a week-long holiday. Last week, Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. last week rose by 7 to 425, marking the 13th increase in 14 weeks. As well, oil futures finished higher for the third day in a row on Friday, as sentiment remained supported after OPEC members agreed on output cuts for the first time in eight years, despite some skepticism among analysts over the implementation of such an agreement. On the ICE Futures Exchange in London, Brent oil for December delivery tacked on 38 cents, or 0.76%, on Friday to settle at $50.19 a barrel by close of trade. The contract rallied to $50.39 on Thursday, the most since August 26. For the week, London-traded Brent futures surged $4.30, or 8.56%, after the Organization of the Petroleum Exporting Countries surprised the market by agreeing to a framework to cut production in talks held on the sidelines of an energy conference in Algeria.

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