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MTECHTIPS:-NYMEX crude up in early Asia as investors look to API survey on stocks

MTECHTIPS:-NYMEX crude up in early Asia as investors look to API survey on stocks

Crude oil prices staged a rebound in early Asia on Tuesday ahead of industry data on U.S. stockpiles. Later Tuesday, the American Petroleum Institute will report on stocks of crude and refined products by the end of last week with more-closely watched data on the same figures due Wednesday from the U.S. Department of Energy. On the New York Mercantile Exchange, WTI crude for September delivery rose 0.31% to $45.44 a barrel, rebounding from a sharp fall on Monday. Overnight, WTI crude futures plunged to a six-month low on Monday, amid weak economic data in the U.S. and China, as well as indications of softening automobile demand. WTI crude future are now approaching their 2015-yearly low of around $43 a barrel. U.S. shale producers can ill-afford to drill at lower prices calling into question whether production cuts will be necessary. Last week, U.S. crude production remained nearly 9.5 million barrels per day – near the highest amounts in more than 40 years. Overseas, the losses in crude futures were just as dramatic. On the Intercontinental Exchange (ICE), Brent crude for September delivery dipped below $50 a barrel touching down to its lowest level since late-January. Brent crude futures traded in a broad range between $49.49 and $52.01 a barrel before also closing near the session lows at $49.53, down 2.68 or 5.13%. Meanwhile, the spread between the international and U.S. benchmarks of crude stood at $4.30, below Friday’s level of $5.11 at the close of trading.
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