Crude steady with profit-taking moves seen: 3/27 PM
The May crude oil futures contract in NYMEX ACCESS trade at 16:15 Tokyo time on Tuesday was at $65.64 per barrel (bbl) down 4cts from morning on the same day while the May Brent contract in ICE After Hours Trading was steady at $70.19/bbl.
Crude prices rebounded slightly in the morning due to an increase in Asian stock markets. Nevertheless, Tomomichi Akuta, a senior economist at Mitsubishi UFJ Research and Consulting said that some profit-taking moves were seen in the afternoon. “As the crude prices had increased more sharply in the past week compared to other commodities, selling of crude futures was likely to take place and the upside of the crude market was capped,”added Akuta.
Meanwhile, the Nikkei Stock Average gained 551.22 points to end the day at 21,317.32. The dollar traded at 105.62 against the yen.