MTECHTIPS:Crude reverses early gains in Asia with NKorea missile test
MTECHTIPS:-Crude reverses early gains in Asia with NKorea missile test noted
MTECHTIPS- U.S. crude gave up early gains in Asia on Monday and fell following the 9th ballistic missile test by North Korea this year ahead of a day with China, the U.S. and U.S. on public holidays. U.S. West Texas Intermediate crude’s July contract fell 0.36% to $49.62 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for July eased 0.32% at $52.34 a barrel. Last week, oil futures settled higher on Friday, rebounding from the prior session’s near 5%-drop as traders continued to digest the latest extension of production cuts from OPEC and some non-OPEC members. Oil prices tumbled on Thursday as the extension of output curbs by OPEC and other producing countries disappointed investors who had hoped for larger cuts, leading to the biggest daily percentage slide in crude prices since early March. At Thursday’s meeting in Vienna, the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018. While OPEC’s move had been widely expected, some oil market investors had hoped producers would agree to longer or deeper cuts to drain a global glut of crude supplies.
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