West Texas Intermediate and Brent crude swung back to losses after
sharp overnight gains as US crude output reached a new record and Iraq
said it will boost exports within weeks, while banks continued to cut
price estimates for the year.
US crude for delivery in February fell 1.28% to $47.86 per barrel by 8:02 GMT, having shifted in a daily range of $49.59-$47.54. The contract gained 5.64% yesterday to $48.48, the biggest gain since June 2012.
Meanwhile on the ICE, Brent for settlement in March was down 1.62% at $49.05 per barrel, with prices ranging between $49.75 and $48.63 for the day. The European crude benchmark jumped 4.27% yesterday to $49.86 per barrel. The February contract expires today.
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US crude for delivery in February fell 1.28% to $47.86 per barrel by 8:02 GMT, having shifted in a daily range of $49.59-$47.54. The contract gained 5.64% yesterday to $48.48, the biggest gain since June 2012.
Meanwhile on the ICE, Brent for settlement in March was down 1.62% at $49.05 per barrel, with prices ranging between $49.75 and $48.63 for the day. The European crude benchmark jumped 4.27% yesterday to $49.86 per barrel. The February contract expires today.
Read more Click Here / www.trade4x.net
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