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Crude shows modest loss on concerns over further profit-taking: 12/7 PM

2017/12/07 18:16

The January crude oil futures contract in NYMEX ACCESS trade at 16:15 Tokyo time on Thursday was at $55.90 per barrel (bbl), down 20cts from the morning hours while the January Brent contract in ICE After Hours Trading was at $61.24/bbl, down 15cts, weighed by selling activities derived from players’ cautious stance after a significant 2.9% and 2.6% decline for WTI and Brent crude on Wednesday. “It seems that we are in a situation where further profit-taking moves are poised to occur,” said Takayuki Nogami, a chief economist at Japan Oil, Gas and Metals National Corp (JOGMEC). He viewed speculators including hedge funds actively having invested in crude market during the recent rally. But profit-taking moves apparently drew to a head, taking a cue from stronger-than-expected build in oil product stocks revealed in the Energy Information Administration weekly data on Wednesday.

Meanwhile, the Nikkei Stock Average bounced back sharply by 320.99 points from Wednesday to end at 22,498.03. The US dollar traded at 112.54 against the yen versus 112.42 in the Thursday morning hours Tokyo time.


RECX-22 index for Thursday was at 112.66 points, up 0.70 points from the previous day due to increases for benzene import and export indices.


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