Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS;-Crude rebounds in Asia after overnight drop, API estimates eyed

Tuesday, February 7, 2017 3:28
% of readers think this story is Fact. Add your two cents.

MTECHTIPS;-Crude rebounds in Asia after overnight drop, API estimates eyed


MTECHTIPS- Crude staged a rebound in Asia on Tuesday after a sharp overnight fall on dollar gains and concerns about the supply response to coordinated global oil cuts by OPEC and non-OPEC nations ahead of industry estimates on U.S. inventories. Crude oil for March delivery on the New York Mercantile Exchange rose 0.25% to $53.13 a barrel, while Brent oil for April delivery on the ICE Futures Exchange in London edged up 0.07% to $55.90 a barrel. On Tuesday afternoon, the American Petroleum Institute will release its estimates of U.S. crude and refined product stockpiles. The figures are followed on Wednesday by official data from the U.S. Energy Information Administration. Analysts expect a crude build of 2.38 million barrels at the end of last week. Also this week, the Paris-based International Energy Agency update monthly demand and supply figures. Overnight, oil prices were modestly lower during North American morning hours on Monday, reversing earlier gains as prospects of rising U.S. production weighed on the market. News that the U.S. imposed fresh sanctions on some Iranian individuals and entities, days after the White House put Tehran “on notice” over a ballistic missile test, supported gains. Global benchmark Brent crude futures settld down 1.92% to $55.72 a barrel on London’s Intercontinental Exchange, while New York Mercantile Exchange, crude oil for delivery in March fell 1.52% to $53.01 a barrel




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.