MTECHTIPS:-Crude Oil Prices Dip In Early Asia with Iran Protests

MTECHTIPS:-Crude Oil Prices Dip In Early Asia with Iran Protests Closely Watched

MTECHTIPS-US crude prices dipped in Asia on Tuesday in the first trading day of the New Year with the market a bit light as Japan is shut for a holiday and investors keeping close tabs on events in Iran where protesters clashed with authorities through the weekend over rising food and fuel prices. U.S. West Texas Intermediate (WTI) crude futures for February delivery eased 0.30% to $60.24 a barrel. ICE Brent crude futures, the benchmark for oil prices outside the US, were last quoted at $66.63 a barrel. In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products expected to be delayed by a day for API and EIA figures because of the New Year holiday. Last week, U.S. oil prices ended above $60 a barrel in the final trading day of the year on Friday, for the first time in over two years amid signs that a glut in global inventories is easing. Oil prices have been buoyed by indications that global inventories are declining, as shrinking supplies reassured investors. On Thursday, the U.S. Energy Information Administration reported that crude stockpiles fell to the lowest level since October 2015 in the week ended Dec. 22. It was the sixth consecutive weekly decline in U.S. stockpiles, according to the EIA data

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