MTECHTIPS:-Crude heads weaker into Asian trading day as China trade

MTECHTIPS:-Crude heads weaker into Asian trading day as China trade eyed

MTECHTIPS-Crude prices headed weaker into Asia weaker on Thursday and ahead of a three-day weekend as investors focused on oversupply and shrugged off a drop in U.S. inventories and looked ahead to trade figures from China. On the New York Mercantile Exchange crude futures for May delivery was last quoted down 0.99% to $52.87 a barrel, while on London’s Intercontinental Exchange, Brent was last quoted down 1.10% to $55.61 a barrel. On Thursday, China reports trade data for March that will provide some detail on oil flows in-and-out of the country. Exports are seen up by 3.2% year-on-year in March with imports expected to surge 18% for a trade balance surplus of $10 billion. Later, the Paris-based International Energy Agency will release its own estimates of crude supply and demand in March. Overnight, crude futures settled lower on Wednesday, after the latest Energy Information Administration (EIA) report showed an unexpected drop in U.S. crude stockpiles from record highs while production increased. Oil prices spiked to the upside, after the headline U.S. crude inventories number revealed an unexpected draw but gains were short lived, as investors shifted focus to the uptick in Cushing crude storage, which rose 276,00 barrels in the week. For the week ending April 5, The EIA said that crude oil inventories fell by 2.166 million barrels compared to estimates of an increase of 87,000 barrels
MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips