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Forecast of increase in US crude output pulls prices lower: 3/13 AM

2018/03/13 13:12

The April crude oil futures contract in NYMEX ACCESS trade at 11:15 Tokyo time on Tuesday was at $61.19 per barrel (bbl), down 17cts from the closing price in New York on Monday while the May Brent contract in ICE After Hours Trading was at $64.77/bbl, down 18cts. The US Energy Information Administration (EIA) forecast an increase in oil production in April by 130,000 b/d from the previous month in its Drilling Productivity Report released on Monday. Investors continued to take profit on concerns about loose demand and supply. In addition, “market expectations of an increase by 1.50 mil bbl from the previous week in US crude inventories in the weekly report to be released by EIA on Wednesday led to selling of crude futures,” Koichi Murakami, a manager at Futures 24, Daiichi Commodities said. The Nikkei Stock Average declined by 31.43 points from Monday to 21,792.60. Meanwhile, the US dollar traded at 106.35 against the yen versus 106.58 on Monday evening Tokyo time.

 

RECX-22 index for Tuesday was at 103.38 points, up 1.27 points from Monday.

 

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