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MTECHTIPS:-NYMEX crude rebounds in Asia as market looks to API figures
Crude oil prices rebounded in early Asia on Tuesday after overnight volatility linked to fading prospects of producers acting in concert to cut output. On the New York Mercantile Exchange, WTI crude for March delivery rose 1.80% to $30.23 a barrel. The market is now focused on weekly data from the American Petroleum Institute of crude and refined product stocks in the U.S. That will be followed on Wednesday by more closely-watched figures from the U.S. Department of Energy. Overnight, U.S. crude prices slipped back below $30 a barrel on Monday, after a meeting between oil ministers from Saudi Arabia and Venezuela over the weekend reportedly accomplished little headway toward reaching an agreement that could curtail near-record high production by OPEC. More broadly, Texas light, sweet futures have crashed nearly 20% since the start of the new year. On the Intercontinental Exchange (ICE), Brent crude for April delivery wavered between $32.96 and $34.66 a barrel, before closing at $32.87, down 1.19 or 3.48% on the session. North Sea brent futures also fell for the fourth consecutive trading and the sixth time in the last seven sessions.
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