Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS:-Brent, NYMEX down in Asia as China trade data shows weakness

Tuesday, November 8, 2016 4:44
% of readers think this story is Fact. Add your two cents.

MTECHTIPS:-Brent, NYMEX down in Asia as China trade data shows weakness



 MTECHTIPS-  Crude oil prices fell further in Asia on Tuesday as China trade data for October disappointed from the world’s second largest importer. Crude oil for December delivery on the New York Mercantile Exchange fell 0.22% to $44.79 a barrel. Brent oil for January delivery on the ICE Futures Exchange in London dipped 0.30% to $46.16 a barrel. In China, the trade balance for October came in a surplus of $49.06 billion, narrower than the $51.07 billion seen as exports and imports missed expectations as well. Overnight, oil prices pushed higher during North American hours on Monday, as appetite for riskier assets improved after the FBI said no new evidence was found to warrant charges against Hillary Clinton in the investigation of her emails just two days before the U.S. election. The news lifted a cloud over Clinton’s presidential campaign and possibly blunted momentum for rival Donald Trump. Markets have tended to see Clinton as the status quo candidate, and news favoring her bid often boosts risk appetite. Chances of a coordinated production cut among major global oil producers are in focus. OPEC reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held in Algeria in late September. However, the 14-member oil group said it won’t finalize details on individual output quotas until its next official meeting in Vienna on November 30. The possibility that producers could walk away empty-handed from the November meeting looms large after Iraq, Iran, Nigeria and Libya all signaled they might not take part in the proposed production cut deal. Russia’s unclear stance is also fueling uncertainty.





We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.