MTECHTIPS:-NYMEX crude rebounds in Asia as market digests China GDP
MTECHTIPS:-NYMEX crude rebounds in Asia as market digests China GDP
Crude prices recovered in Asia on Tuesday in volatile trade after industrial production in China came in a tad weaker than expected, though full-year GDP met its forecast. for delivery in March on the New York Mercantile Exchange rose 0.08% to $30.41 a barrel. In China fourth quarter GDP rose 1.6% , a tad lower than the 1.7% gain seen, while GDP came in at the expected 6.8% rate. As well, the Middle Kingdom reported rose 5.9%, a tad lower than the 6.0% seen and gained 11.1%, a bit lower than up 11.3% expected for December. Then rose 10%, a tad off the 10.2% gain seen. Overnight, turned higher after falling below the $28-level on Monday, as international sanctions against Iran’s nuclear program were lifted over the weekend, opening the door to a wave of new oil and adding to concerns that a global glut will linger. Trading was thin because of the Martin Luther King Jr. holiday in the U.S. Analysts say the country could quickly ramp up exports by around 500,000 barrels. The surge in Iranian shipments is viewed as bearish for crude, which has fallen approximately 75% from its peak of $115 two summers ago, amid a glut of oversupply on markets worldwide.
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