MTECHTIPS;Crude Oil Gains In Asia As Market Looks Ahead To Busy Data

MTECHTIPS;-Crude Oil Gains In Asia As Market Looks Ahead To Busy Data Week

MTECHTIPS-Crude oil prices gained in Asia on Monday with investors focused on fairly busy week of data points on supply and demand. U.S. West Texas Intermediate (WTI) crude futures rose 0.26% to $49.42 a barrel by close of trade, while Brent crude gained 0.20% to $55.73 a barrel. Markets in Japan shut and China comes back from a week-long holiday. In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to further weigh what the impact of recent storm activity was on supply and demand. The reports come out one day later than usual due to the U.S. Columbus Day holiday on Monday. Oil traders will also focus on monthly reports from the Organization of Petroleum Exporting Counties and the International Energy Agency to assess global oil supply and demand levels. The data will give traders a better picture of whether a global re balancing is taking place in the oil market. The market is also waiting on President Donald Trump’s decision on Thursday on whether or not to certify Iran’s compliance with the international nuclear deal. The Persian nation is an OPEC member and key Middle Eastern oil producer

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