MTECHTIPS:-Crude gains in Asia after French polls, China trade data
MTECHTIPS:-Crude gains in Asia after French polls, China trade data eyed
MTECHTIPS-Crude gained in Asia on Monday in a bit of a relief gain after centrist Emmanuel Macron matched opinion poll expectations and beat anti-EU far-right candidate Marine Le Pen and as investors looked ahead to regular weekly data sets and other reports. The U.S. West Texas Intermediate crude June contract jumped 1.49% to $46.91 a barrel, recovering after a slightly more than 6% fall last week. On the ICE Futures Exchange in London, Brent oil for July delivery was last quoted at $49.43 a barrel. Ahead on Monday, China is expected to report trade data with a trade balance surplus of $35.05 billion seen and oil import data by the world’s second largest importer a key aspects for the market. On Thursday, the Organization of the Petroleum Exporting Counties will publish its monthly assessment of oil markets. Last week, oil futures settled higher on Friday, but still registered a hefty loss for the week as signs of rising U.S. shale production continued to feed concerns about a global supply glut. Crude has been under pressure in recent weeks amid fears that an ongoing rebound in U.S. shale production is derailing efforts by other major producers to re balance global oil supply and demand. U.S. drillers last week added rigs for the 16th week in a row, data from energy services company Baker Hughes showed on Friday, implying that further gains in domestic production are ahead.
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