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MTECHTIPS :- NYMEX crude up in Asia with U.S. rig count, Iran in focus
Crude oil prices gained in Asia on Friday ahead of rig count data in the United States and a mixed supply picture with key producers mulling a freeze in output and Iran ready to open the taps. On the New York Mercantile Exchange, WTI crude for April delivery rose 0.27% to $34.67 a barrel. Last week, oil services firm Baker Hughes said U.S. oil rigs fell by 13 to 400 for the week ending on Feb. 19, marking the 10th straight week of such declines. The U.S. oil rig count is at its lowest level since December, 2009. Elsewhere, Iran is expected to raise its oil exports in March to around 1.65 million barrels per day from 1.5 million bpd a month earlier on the back of higher crude shipments to Europe, two industry sources told Reuters on Thursday. Overnight, crude futures remained near one-month highs, wavering during a see-saw, choppy trade on Thursday, as investors continue to gauge whether OPEC will institute a production freeze later this month in order to stem a prolonged downturn in the oil industry. On the Intercontinental Exchange, Brent crude for May delivery traded between $36.36 and $37.36 a barrel, before closing at $37.06, up 0.13 or 0.35% on the session. North Brent Sea futures have also gained more than 18% since falling below $30 a barrel on February 11.
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