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U.S. crude prices steady in thin Asian trading ahead of Lunar New Year

Published 2016-02-04, 07:31 p/m
© Reuters. U.S. crude prices steady in thin Asian trading ahead of Lunar New Year
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By Henning Gloystein
SINGAPORE, Feb 5 (Reuters) - U.S. crude oil futures were
steady in lacklustre early Asian trading on Friday as liquidity
faded ahead of the Lunar New Year holiday across large parts of
the region.
U.S. crude futures CLc1 were trading at $31.73 per barrel
at 0023 GMT, virtually unchanged from the previous close, and
traders said liquidity was low due to the Lunar New Year holiday
which will last for most of next week.
Oil prices were extremely volatile for much of this week as
a string of bullish indicators like a slump in the dollar .DXY
and potential talks by major oil producers about output cuts in
support of prices clashed with bearish reports of record U.S.
crude inventories, increasing production and a further slowdown
in the global economy.
But overall the market outlook remains bearish as long as
producers don't reach an agreement on output, with China's
economic slowdown now showing signs of spreading across the
world.
"In spite of the record crude oil production ... demand for
shipping is disappointing," said commodities brokerage Marex
Spectron.
"The macroeconomic environment is bearish. Global industrial
production, manufacturing and automotive demand indices all
point towards weakening demand."


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