MTECHTIPS;-Brent, NYMEX mixed in Asia as adherence to supply curbs
MTECHTIPS;-Brent, NYMEX mixed in Asia as adherence to supply curbs seen on track
MTECHTIPS- Crude pries were mixed in Asia on Monday with investors lauding compliance with a coordinated effort by OPEC and non-OPEC countries to trim 1.8 million barrels per day (bpd) from global crude markets, but noting a supply response from U.S. shale drillers and countries outside the pact. On the New York Mercantile Exchange, crude oil for delivery in February fell 0.48% to $53.73 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery gained 0.12% to settle at $56.90 a barrel by close of trade. In the week ahead, investors will be looking ahead to U.S. economic reports, particularly Friday’s retail sales figures for December. Investors will also be watching an appearance by Fed Chair Janet Yellen on Thursday and speeches by a handful of other Fed officials during the week, as well as President-elect Donald Trump on Wednesday for a press conference. Last week, oil futures finished slightly higher on Friday, logging their fourth weekly gain in a row with traders encouraged by signs that major crude producers will adhere to the pledge to curb output. The start of the year marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day. The deal, if carried out as planned, should reduce global supply by about 2%. However, some traders remain skeptical that the planned cuts will be as substantial as the market currently expects.