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MTECHTIPS:-NYMEX crude up nearly 1% in Asia as U.S. cold weather supports
Crude oil prices picked up speed in Asia on Monday with the focus on oversupply though cold weather in the eastern United States is expected to support distillate demand there. On the New York Mercantile Exchange, crude oil for delivery in March rose 0.96% to $$32.50 a barrel. Brent rose 1.29% to $33.27 a barrel. Earlier in Japan, the December trade balance came in at a surplus of ¥140 billion, beating a surplus of ¥100 billion seen. Exports fell 8.0%, more than the drop of 6.8% expected, whi leim ports fell 18.0%, more than the 16.4% drop seen. In the week ahead, investors will be looking to Wednesday’s Fed policy statement for any indication that the bank is considering slowing the path of interest rate increases this year. A major snowstorm that hit the U.S. East Coast over the weekend may lead to a delay in the release of weekly crude and refined product inventory reports from industry and government and other data with the federal government expected to be shut on Monday as Washington digs out from the snow. Last week, oil futures soared 9% on Friday to move further away from the lowest level since 2003 amid heavy short covering as equity markets rallied throughout the world on the back of expectations for fresh central bank stimulus. On Thursday, prices advanced $1.18, or 4.16%, as traders closed out bets on lower prices ahead of an upcoming snowstorm in the U.S. and amid hopes that major central banks will announce fresh stimulus measures. For the week, New York-traded oil futures rose $2.99, or 9.42%, the first weekly gain in a month. The U.S. benchmark is still down nearly 13% this month amid ongoing concerns over a global supply glut.
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