MTECHTIPS:NYMEX crude falls in Asia with Iran slated to resume sales

MTECHTIPS:NYMEX crude falls in Asia with Iran slated to resume sales

Crude oil prices in Asia fell on Monday with Iran now slated to come back onto the market and in a fairly light regional data day and with U.S. markets closed for Martin Luther King Day. On the New York Mercantile Exchange, crude oil for delivery in February was quoted down 0.84% to $30.12 a barrel. In the week ahead, investors will continue to focus on economic reports out of China, with Tuesday’s highly-anticipated fourth quarter GDP report in the spotlight. Meanwhile, the U.S. is to release data on inflation and building permits as market players look for further indications on the strength of the economy and the future path of rate hikes. Ahead of the coming week, Investing.com has compiled a list of these and other significant The Organization of Petroleum Exporting Counties will publish its monthly assessment of oil markets. Last week, oil futures fell further below the $30-level to hit a new 12-year low on Friday, as ongoing concerns over a global supply glut continued to drag down prices. Oversupply issue will be exacerbated further once Iran returns to the global oil market after western-imposed sanctions were lifted. 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. Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by the Organization of the Petroleum Exporting Countries last year not to cut production in order to defend market share. Most market analysts expect a global glut to worsen in the coming months due to soaring production in North America, Saudi Arabia and Russia.

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