MTECHTIPS:-Brent, NYMEX fall in Asia after early gains on API

MTECHTIPS:-Brent, NYMEX fall in Asia after early gains on API estimates

MTECHTIPS- Crude prices gave up early gain in Asia Thursday after the American Petroleum Institute (API) reported a larger-than-expected drop in stocks with the focus now on official figures to confirm. On the New York Mercantile Exchange, crude oil for February delivery fell 0.19% to $53.16 a barrel, while global benchmark Brent crude eased 0.34% to $56.29 a barrel on London’s Intercontinental Exchange. The Caixin services PMI for China rose to 53.4, a tick above 53.3 expected. “Improved rates of new order growth were also seen across both monitored sectors in December. The pace of new business expansion accelerated to its strongest since July 2014 at manufacturing companies amid reports of improving client demand. At the same time, growth in new work at services companies quickened to a 17-month record. Subsequently, the rate of composite new order growth was the fastest since March 2013,” Caixin said in a release. “Despite stronger expansions in activity and new work, service providers increased their payrolls at a softer pace in December. Furthermore, the latest increase in staff numbers was the slowest for three months and modest overall. Meanwhile, job