MTECHTIPS;-US Crude Oil Gains In Asia In Thin Trade As China Shut

MTECHTIPS;-US Crude Oil Gains In Asia In Thin Trade As China Shut For Holiday

MTECHTIPS-US crude edged higher in Asia on Monday in thin trading with China and other countries in the region shut for holidays. U.S. West Texas Intermediate (WTI) crude futures for April delivery rose 0.28% to $61.72 a barrel. ICE April Brent crude futures, the benchmark for oil prices outside the U.S., were last quoted at $64.88 a barrel. Weekly estimates of crude and refined product stocks from the American Petroleum Institute and official data from the Energy Information administration will be delayed by a day this week to Wednesday and Thursday respectively. Markets in Hong Kong, Taiwan, Vietnam, China, the US and Canada are shut on Monday. Japan reported trade data for January with a deficit of ¥943 billion, narrower than the ¥1.0 trillion seen. Exports jumped 12.2%, beating the 10.3% gain expected and imports rose 7.9%, less than the 8.3% rise seen on year. Last week, oil prices finished higher for a third straight session on Friday to score a weekly gain, as investors weighed OPEC’s ongoing WWW.MTECHTIPS.COM efforts to rid the market of excess supplies against indications of rising U.S. production. Sentiment was boosted after United Arab Emirates energy minister said that major oil producers, led by Saudi Arabia and Russia, aim to draft an agreement on a long-term alliance to cut output by the end of this year

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