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MTECHTIPS:-Oil regains strength as focus shifts to U.S. stockpile data

Thursday, January 5, 2017 0:20
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MTECHTIPS:-Oil regains strength as focus shifts to U.S. stockpile data



MTECHTIPS- Oil prices were higher on Wednesday, rebounding from sharp overnight losses as market players looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. Industry group the American Petroleum Institute is due to release its weekly report at 4:30 PM ET (21:30 GMT) later on Wednesday. Official data from the Energy Information Administration will be released Thursday, amid forecasts for an oil-stock drop of 1.7 million barrels. This week’s reports come out one day later than usual due to Monday’s New Year holiday. Crude oil for February delivery on the New York Mercantile Exchange tacked on 24 cents, or around 0.45%, to $52.56 a barrel by 9:15 AM ET (14:15 GMT). U.S. crude prices tumbled $1.39, or 2.6%, a day earlier, turning lower after touching an 18-month high of $55.24. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London advanced 23 cents, or 0.4%, to $55.70 a barrel. London-traded Brent prices rallied to $58.37 on Tuesday, a level not seen since July 2015, before reversing gains to end down $1.35, or 2.4%. Traders continued to monitor developments surrounding the landmark deal reached by the Organization of the Petroleum Exporting Countries and several non-OPEC oil producers to reduce their output this year






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