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Crude mixed amid fluctuating stock prices: 2/13 PM

2018/02/13 17:34

The March crude oil futures contract in NYMEX ACCESS trade at 16:15 Tokyo time on Wednesday was at $59.69 per barrel (bbl), up 1cts from morning on the same day while the April Brent contract in ICE After Hours Trading was at $63.03/bbl, down 3cts.

Buying for short-covering reached a lull in the afternoon. Although stock prices in the Dow-Jones Average rebounded more than 400 points the previous day, prices dropped outside trading hours and the outlook was uncertain. Tsuyoshi Ueno, a senior economist at NLI Research Institute mentioned, “Due to volatility in stock markets, the crude market is also in a wait-and-see mood.” Moreover, in addition to OPEC’s monthly report, the monthly report by International Energy Agency (IEA) was also expected to show an increase in US crude production. “That puts a cap on prices,” Ueno explained.

Meanwhile, the Nikkei Stock Average sank 137.84 points to end the day at 21,244.68, as the dollar traded at 108.01 against the yen.

 

RECX-22 index for Tuesday was at 107.82 points, down 1.81 points from last Friday amid decreases in all indices. 

Tokyo : Yasuaki Yokoi  +81-3-3552-2411
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