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MTECHTIPS:-Crude Oil Prices Down In Asia On Profit taking After OPEC

Monday, September 25, 2017 4:10

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MTECHTIPS:-Crude Oil Prices Down In Asia On Profit taking After OPEC

MTECHTIPS-Crude oil prices fell in Asia on Monday as investors took profits following supportive comments from OPEC and allies on Friday on the scope for reblancing the market. U.S. West Texas Intermediate (WTI) crude futures dipped 0.16% to $50.58 a barrel by close of trade, not far from its highest level since May 25 at $51.11 reached on Wednesday. Brent crude dipped 0.09% to $56.37 a barrel. On other news, The far-right AfD party stunned the German establishment by finishing third and entering parliament for the first time, with 13.5% of the vote. Under Germany’s mixed-member proportional voting system, that vaults in well beyond the 5% threshold needed for seats in parliament. Chancellor Angela Merkel’s CDU and Bavarian allies, the Christian Social Union (CSU), won 32.5% of the vote, making them by far the largest parliamentary group, according to an exit poll for the broadcaster ARD, but that is down from 41.5% in the last election in 2013 and lower than recent polling. Their closest rivals, the center-left Social Democrats (SPD), slumped to 20.0%, a new post-war low. Merkel now needs to work to form a coalition reportedly without the SPD, a process that will likely involve protracted negotiations

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