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NYMEX crude weakens in Asia after disappointing Q3 Japan GDP

Published 11/16/2014, 07:28 PM
Updated 11/16/2014, 07:29 PM
NYMEX crude weaker in Asia

Investing.com - Crude oil prices eased in Asia on Monday on downbeat GDP data for the third quarter from Japan.

Third quarter gross domestic product fell 1.6% year-on-year, well below a forecast of a 2.1% gain.

On the New York Mercantile Exchange, crude oil for delivery in December traded at $75.70 a barrel, down 0.16%, after it ended last week at $75.82 a barrel.

Oil futures bounced off a four-year low on Friday to settle more than 2% higher amid speculation that the Organization of the Petroleum Exporting Countries will cut production to support the oil market when it meets later this month.

On the ICE Futures Exchange in London Friday, Brent for January delivery jumped $1.92, or 2.48%, to settle at $79.41 a barrel by close of trade.

Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.

Oil ministers from Iran, Libya, Venezuela, Ecuador and Algeria have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.

The 12-member oil cartel is scheduled to meet in Vienna on November 27 to discuss whether to adjust their production target for 2015.

In the week ahead, investors will be focusing on Wednesday’s minutes of the Federal Reserve’s October meeting and Thursday’s report on the U.S. consumer price index. Data on euro zone manufacturing activity will also be closely watched.

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