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MTECHTIPS:-NYMEX crude jumps in Asia with U.S. rig count data ahead
Investing.com – Crude oil prices jumped in Asia on Friday with investors focused on rig count data in the U.S. and ongoing attempts by major producers to come to some kind of output agreement. On the New York Mercantile Exchange, WTI crude for April delivery rose 2.46% to $38.77 a barrel. Brent gained 1.97% to $40.84 a barrel. Investors turn their attention to Friday’s weekly rig count from Baker Hughes for further indications of the supply outlook on U.S. domestic energy markets. U.S. oil rigs fell by eight to 392 for the week ending on Feb. 26, moving lower for the 11th consecutive week. With the declines, the rig count fell to its lowest level since Dec. 4, 2009 and one away from an all-time record low. Overnight, U.S. crude futures closed slightly lower on Thursday paring losses from earlier in the session, after reports surfaced that a highly-anticipated meeting between OPEC and Non-OPEC producers will not be held unless the top participants can win the support of a defiant Iran. On the Intercontinental Exchange (ICE), Brent crude for May delivery wavered between $39.66 and $41.02 a barrel, before closing at 40.08, down 1.03 or 2.48% on the session. North Sea crude futures are also trading near 2-month highs after jumping more than 25% over the last four weeks.
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