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MTECHTIPS:-Crude dips slightly in Asia with concern on NKorea missile test

Monday, February 13, 2017 3:23
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MTECHTIPS:-Crude dips slightly in Asia with concern on NKorea missile test

 

MTECHTIPS-Crude prices dipped moderately in Asia on Monday with tensions over a ballistic missile test over the weekend by North Korea supporting sentiment, particularly after Pyongyang said it had achieved the ability to carry a nuclear payload and use solid fuel. On the ICE Futures Exchange in London, Brent oil for April delivery eased 0.04% to $56.68 a barrel, while on the New York Mercantile Exchange, crude oil for delivery in March dipped 0.06% to $53.83 a barrel.OPEC is scheduled to publish its first assessment of its January production based on the secondary sources in its monthly oil market report on  Monday. Later in the day, the U.S. Energy Information Administration will release its monthly update on domestic oil and natural-gas shale output. Japan’s GDP grew at an annualized rate of 1.0% in the fourth-quarter, below a Reuters poll estimates of 1.1%. This week, the UK and China are to release what will be closely watched data on inflation. Meanwhile, Federal Reserve Chair Janet Yellen is due to testify to Congress for the first time since Donald Trump entered the White House. Last week, oil futures finished sharply higher on Friday, as traders cheered signs that global supply was beginning to tighten in wake of a planned agreement by major crude producers to cut output. But prices barely logged a weekly gain, pressured by expectations for further growth in U.S. crude production.

 

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