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MTECHTIPS:-NYMEX crude eases slightly in Asia with U.S. rig count data ahead
Crude oil was slightly weaker in early Asia on Friday with investors looking ahead to figures from the U.S. on rig counts. On the New York Mercantile Exchange, WTI crude for February delivery eased 0.03% to $31.10 a barrel. Oil traders turn their attention to Friday’s weekly oil rig count from Baker Hughes for further indications on the supply-demand imbalance nationwide. A week earlier, the rig count fell by 20 to 516 for the week ending on Jan. 1. It marked the third consecutive week of weekly draws and the seventh time in eight weeks that the rig count has moved lower. The rig total is down sharply from its level in November, 2014, when it hovered around 1,600. Overnight, U.S. crude futures rallied from near 12-year lows on Thursday amid heavy profit taking, enjoying a brief reprieve from a massive rout to open the New Year. On the Intercontinental Exchange (ICE), Brent crude for March delivery wavered between $29.72 and $31.18 a barrel before closing at $30.97, up 0.79 or 2.62% on the day. North Sea brent futures briefly hit a fresh 12-year low on Thursday, before rebounding to end a nine-day losing streak. Since the start of the new year, brent futures have crashed by nearly
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