(Before It's News)
MTECHTIPS;-NYMEX crude gains in early Asia with API estimates ahead
Crude oil prices gained in Asia on Tuesday ahead of industry estimates of U.S. stockpiles and continued back-and-forth over prospects for an output freeze by key producers. Ahead, the American Petroleum Institute will detail estimates of crude oil and refined product stockpiles as of last week. On Wednesday, more closely-watched figures from the U.S. Department of Energy are due. On the New York Mercantile Exchange, WTI crude for April delivery rose 0.35% to $37.31 a barrel. Overnight, crude prices slid from three-month highs on Monday, after Russia lent support to Iran’s refusal to align with other major producers in a joint effort to cap output, placing a potential OPEC-Non OPEC production freeze in jeopardy. On the Intercontinental Exchange (ICE), Brent crude for May delivery wavered between $38.82 and $40.51 a barrel, before closing at $39.60, down 0.79 or 1.96% on the session. North Sea crude futures have also rallied sharply over the last month after briefly dipping below $30 a barrel in mid-February. Following a meeting with Iranian oil minister Bijan Zanganeh and energy minister Hamid Chitchian on Monday, Russia counterpart Alexander Novak confirmed the Persian Gulf nation’s intentions to continue ramping up output before agreeing to any production freeze that could be supported by up to 10 major oil powers.
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