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MTECHTIPS:-Nymex, Brent down in Asia with U.S. rig count data ahead
Crude weakened further in Asia on Thursday after downbeat stockpile data from the U.S. and rig count data in focus. On the New York Mercantile Exchange, WTI crude for March delivery traded down 0.94% to $32.00 a barrel. Brent eased 0.68% to $33.70 a barrel. Overnight, U.S. crude futures pared early losses, closing up by more than 3% on Wednesday, as a considerable inventory stockpile did not surge as high as some investors feared, following a massive build from the American Petroleum Institute hours earlier. On the Intercontinental Exchange (ICE), brent crude for April delivery wavered between $31.61 and $34.32 a barrel, before closing at $33.92, up 1.36 or 4.22% on the session. North Sea Brent crude futures are still down approximately 7% in January, remaining near their lowest levels since 2003. On Wednesday morning, the U.S. Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that U.S. commercial crude oil inventories for the week ending on January 22, increased by 8.4 million barrels from the previous week. At 494.9 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. Total motor gasoline inventories also increased by 3.5 million barrels last week, extending sharp gains from the previous two weeks when gasoline stockpiles surged by nearly 20 million barrels.
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