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MTECHTIPS:-Crude moves lower, as Saudi Arabia remains non-committal on OPEC meeting
Crude futures inched down/up on a choppy day of trading, as investors continued to gauge the likelihood of a potential extraordinary OPEC meeting later this month aimed at curbing a glut of oversupply on energy markets throughout the world. On the New York Mercantile Exchange, WTI crude for March delivery traded in a broad range between $31.54 and $33.59 a barrel, before settling at $31.62, down 0.65 or 2.00% on the day. Volatility remained high, as U.S. crude futures closed by more than 1% in a positive or negative direction for the 13th consecutive session. In 2016, there have only been five sessions where WTI crude has closed below 1% from its previous day’s settlement level. On the Intercontinental Exchange (ICE), brent crude for April delivery wavered between $34.16 and $35.79 a barrel, before closing at $34.35, down 0.68 or 1.95% on the session. North Sea brent futures have closed lower in three of its last four sessions, following a five-day winning streak that was halted on Monday. Both the international and U.S. domestic benchmarks of crude surged more than 8% on Wednesday, enjoying their strongest one-day move in nearly two weeks. Still, WTI and brent futures remain near 12-year lows hit earlier last month after a wide range of economic sanctions were dropped against Iran, paving the way for the Gulf nation to ramp up it exports in the coming months.
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