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MTECHTIPS:-NYMEX crude gains in Asia in rebound from prolonged slide
Crude oil rose smartly in Asia on Friday with shares in Shanghai recovering after a sharp morning dip. The yuan rose Friday after the People’s Bank of China set a stronger fixing for the first time in nine trading sessions. The yuan last traded 0.06% stronger at 6.5887 against the dollar compared with Thursday’s close of 6.5929. The PBOC this morning set the yuan fixing at 6.5636 compared with Thursday’s 6.5646. On the New York Mercantile Exchange, WTI crude for February delivery rose 1.58% to $33.80 a barrel. Overnight, crude futures continued their prolonged slide on Thursday as North Sea brent futures fell to their lowest level in 12 years, when a massive sell-off in China hours earlier exacerbated fears of weakening demand among the world’s second-largest consumer of oil. At one point, U.S. crude futures hit their lowest level since late-2008 during the height of the Financial Crisis. Since eclipsing $38 a barrel on the first trading session of the year, the front month contract for WTI crude has closed in the red on four consecutive days, plunging by more than 11%. On the Intercontinental Exchange (ICE), Brent crude for February delivery wavered between $32.17 and $34.73 a barrel before closing at $33.77, down 0.46 or 1.36% on the day. At Thursday’s session lows, Brent crude futures fell to their lowest level since 2004. Over the last month of trading, brent has plunged nearly 20% since OPEC roiled global markets by leaving its output quota unchanged at a closely-watched meeting in early-December.
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