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MTECHTIPS:-NYMEX crude higher in Asia as attention shifts to OPEC meeting

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MTECHTIPS:-NYMEX crude higher in Asia as attention shifts to OPEC meeting

 

Crude oil prices inched higher in Asia on Monday with the focus on an upcoming OPEC meeting early next month. On the New York Mercantile Exchange, crude oil for delivery in January rose 0.24% to $41.58 a barrel. In the week ahead, market players will focus on a flurry of U.S. economic data due on Wednesday for further indications on the strength of the economy and the likelihood of a December rate hike. U.S. markets will be closed Thursday for the Thanksgiving holiday and Friday will be a half day. On Monday, markets in Japan are shut for a holiday. The euro zone is to release survey data on manufacturing and service sector activity. Germany and France are also to release individual reports.The U.S. is to release private sector data on existing home sales. Last week, oil prices swung between gains and losses in choppy volatile trade on Friday, as investors reacted to the expiration of the December West Texas Intermediate oil contract. Industry research group Baker Hughes (N:BHI) said late Friday that the number of rigs drilling for oil in the U.S. decreased by 10 last week to 564. A lower U.S. rig count is usually a bullish sign for oil as it signals potentially lower production in the future.

 

www.mtechtips.com

07489294118-119



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