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MTECHTIPS;-Crude Oil Prices Mixed as Markets Digest Equity Sell-Off

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MTECHTIPS;-Crude Oil Prices Mixed as Markets Digest Equity Sell-Off

 

MTECHTIPS- Crude oil prices were mixed on Tuesday, as markets were still recovering from a major rout in global equities, while concerns over high U.S. crude production levels persisted. The U.S. West Texas Intermediate crude March contract was little changed at $64.14 a barrel by 04:00 a.m. ET (08:00 GMT), after earlier falling to a two-and-a-half week trough of $63.12. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London declined 26 cents or about 0.41% to $67.33 a barrel, just off a one-month low of $66.53 hit earlier in the day. Investors grew more cautious after global equity markets began to plunge on Friday following the release of strong U.S. employment data, which sparked concerns over rising inflation, sending bond yields sharply higher. The Dow Jones Indus trials index was particularly hit on Monday, when it recorded its worst daily point drop in history. Oil prices were already under pressure after General Electric (NYSE:GE)’s Baker Hughes energy services firm reported on Friday that the number of oil drilling rigs climbed for a second week in a row. It rose by six to 765 last week, implying that further gains in domestic production are ahead



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