December 8, 2016

MANTHANTIPS:-NYMEX crude down in Asia after China prices, API data ahead

Crude prices fell 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. 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. 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. Overnight, crude futures rose sharply, hitting near two-week highs on Monday, as investors reacted to bullish comments from OPEC president Mohammed bin Saleh al-Sada on the possibility of an accord between member states at a meeting in Algeria in late-September aimed at stabilizing the volatile global energy market.

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