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MTECHTIPS;-NYMEX crude weaker in early Asia with focus on China this week
Crude slumped in early Asia on Monday with markets in Japan shut for a holiday and little on the regional data calendar on the day, but key trade data from China later this week. On the New York Mercantile Exchange, crude oil for delivery in February dropped 0.56% to $32.70 a barrel. In the week ahead, investors will continue to focus on economic reports out of China, with Wednesday’s trade data in the spotlight. The U.S. is to release data on retail sales, producer prices and consumer sentiment later in the week, while Thursday’s monetary policy meeting minutes from the Bank of England will also be in focus. Last week, oil prices ended Friday’s session close to the lowest level in more than a decade as lingering concerns over China’s economic outlook added to the view that a global supply glut may stick around for much longer than anticipated. On the ICE Futures Exchange in London, Brent oil for February delivery shed 20 cents, or 0.59%, on Friday to close the week at $33.55 a barrel after sinking to $32.16 on Thursday, the lowest since April 2004. Prices showed little reaction after industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. decreased by 20 to 516 last week. Despite the declining rig count, U.S. production levels remain near record-high levels.
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