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MTECHTIPS:-NYMEX crude slightly weaker in Asia ahead of China trade data

Tuesday, November 8, 2016 3:12
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MTECHTIPS:-NYMEX crude slightly weaker in Asia ahead of China trade data

 

 

MTECHTIPS-  Crude oil prices eased slightly in Asia on Tuesday with China trade in focus for demand cues from the world’s second largest importer. Crude oil for December delivery on the New York Mercantile Exchange fell 0.02% to $44.92 a barrel. In China, the trade balance for October is expected to show a surplus of $51.7 billion with exports seen down 6.0% year-on-year and imports showing a 1.0% decline. 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. Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London rose 33 cents, or 0.72%, to $45.91 a barrel. It fell to $45.08 in the prior session, a level not seen since August 11. Chances of a coordinated production cut among major global oil producers are in focus.

 

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