Thursday, 21 January 2016

MTECHTIPS:-NYMEX crude flat in Asia, Brent gains in early trade after API data

MTECHTIPS:-NYMEX crude flat in Asia, Brent gains in early trade after API data

Crude oil prices held flat in Asia in a see-saw day of volatility Thursday that saw an industry group report a major build in U.S. stocks last week. On the New York Mercantile Exchange, WTI crude for March delivery was quoted at $28.35 a barrel, flat. Brent crude rose 0.36% to $27.93 a barrel. The American Petroleum Institute said crude stocks rose by 4.6 million barrels last week, well above a 2.9 million barrel gain seen. Separately, Thursday's government report from the Energy Department could show thatU.S. crude stockpiles increased by 3.0 million barrels for the week ending on Jan. 15. The report is being released one day later than usual this week due to Monday's Martin Luther King Day holiday. Overnight, crude futures fell to fresh 12-year lows on Wednesday before paring some of their losses shortly before the close of trading, amid mounting concerns of a widening gulf between global supply and demand levels.
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