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MTECHTIPS:-NYMEX crude gains in Asia ahead of U.S. holiday, Yellen comments eyed
MTECHTIPS:-NYMEX crude gains in Asia ahead of U.S. holiday, Yellen comments eyed
Crude oil prices ticked higher in early Asia on Monday as investors eyed supply/demand outlooks for the U.S., while remaining wary of global economic turmoil. On the New York Mercantile Exchange, WTI crude for July delivery rose 0.08% to $59.94 a barrel. Markets in the United States are closed for Memorial Day. At the weekend, Reuters reported that Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless it achieves a deal with creditors, quoting the interior minister in what it said are the most explicit remarks yet from Athens about the likelihood of default if talks fail. “The four installments for the IMF in June are 1.6 billion euros. This money will not be given and is not there to be given,” Interior Minister Nikos Voutsis told Greek Mega TV’s weekend show. Last week, crude futures fell sharply on Friday paring some of its gains from one session earlier, amid a strengthening dollar aided by slight increases in inflation last month. On the Intercontinental Exchange (ICE), Brent crude for July delivery fell 1.21 or 1.82% to $65.33 a barrel. Oil services firm Baker Hughes said in its weekly U.S. rig count report that oil rigs nationwide fell by one last week to 659, the lowest weekly level since August 2010. While the nationwide rig count has declined for 24 consecutive weeks, the pace of slowdown has dropped considerably since earlier in the year. Last fall, the rig count peaked above 1,600. A falling rig count has eased concerns of oversupply in the U.S. market.
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