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MTECHTIPS:-NYMEX crude falls in early Asia with API data ahead in the U.S.

MTECHTIPS:-NYMEX crude falls in early Asia with API data ahead in the U.S.

Crude oil prices dipped in early Asia on Tuesday ahead of U.S. industry data on crude stocks expected to show a solid build last week. In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in January traded at $69.22 a barrel, down 0.17%, after hitting an overnight session low of $63.75 a barrel and off a high of $68.90 a barrel. Brent futures on the ICE, the international benchmark, gained 3.4% to end at $72.54 a barrel on Monday. Later Tuesday, the American Petroleum Institute will release its estimates of U.S. oil inventories held last week with crude seen up 2.8 million barrels, distillates down 1.3 million barrels and gasoline up by 43,000 barrels. More closely watched U.S. Department of Energy data is due on Wednesday. Investors said much of Monday’s activity was driven by traders closing out profitable bets on falling prices or opening positions that would protect them should the market rebound. Both the U.S. benchmark and Brent slumped Thursday and Friday to fresh multiyear lows, posting two-day losses of about 10%. Overnight, crude futures shot up on Monday after soft U.S. factory gauges weakened the dollar, while expectations for U.S. shale producers to cease production gave oil room to rise as well. A weaker greenback tends to make oil a more attractive commodity in dollar-denominated exchanges, especially in the eyes of investors holding other currencies.
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