December 8, 2016

MANTHANTIPS:- NYMEX, Brent weaker in Asia as market looks ahead to API data

Crude prices held weaker in Asia on Tuesday as investors looked ahead to U.S. industry stockpiles data and noted China consumer and producer prices remained largely in check, confirming tepid demand in the world’s second largest crude importer highlighted in trade data on Monday. China reported CPI for July with a 0.2% gain in July, a faster pace than the 0.1% gain seenmonth-on-month and an annual level of 1.7%, a tad below a 1.8% pace seen year-on-year.PPI figures from China showed a decline of 1.7%, less than the fall of 2.0% year-on-year expected. On the New York Mercantile Exchange, WTI crude for September delivery eased 0.56% to $42.78 a barrel. On the Intercontinental Exchange (ICE), Brent crude for October delivery fell 0.64% to $45.10 a barrel. The American Petroleum Institute will release its estimates of U.S. crude and refined products in storage by the end of last week, with the figures to be followed on Wednesday with data from the U.S. Department of Energy.

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