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WTI hovers around $51: 10/12 PM

2017/10/12 19:08

The November crude oil futures contract in NYMEX ACCESS trade at 16:15 Tokyo time on Thursday was at $50.96 per barrel (bbl), down 3cts from the morning hours while the December Brent contract in ICE After Hours Trading was unchanged at $56.62/bbl. Both crude hardly moved. An expected 3.10-mil barrel increase in US crude stocks in the weekly inventory data released by American Petroleum Association (API) on Wednesday led more sources in Asian hours to wait for the inventory data to be released by US Energy Information Administration on Thursday. Amid a lack of market-moving factors, ongoing WTI price levels with a touch close to a psychological $51/bbl line kept more sources off the market. Meanwhile, “easing concerns over future loosening in supply/demand fundamentals has kept WTI prices in the $50’s/bbl,” said Jun Inoue, a chief economist at Mizuho Research Institute. On the other market fronts, the Nikkei Stock Average rose by 73.45 points from Wednesday to end at 20,954.72, hitting the highest level in 21 years. The US dollar traded at 112.28 against the yen versus 112.40 in the Thursday morning hours Tokyo time.

 

RECX-22 index for Thursday was at 102.38, up 0.81 points from Wednesday amid increases for many indices.

 

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