© Reuters. NYMEX crude dips further in Asia Investing.com – Crude oil prices dipped further in Asia on Friday as the supply outlook and a stronger dollar weigh.
On the New York Mercantile Exchange, WTI crude for January delivery eased 0.37% to $ 34.82 a barrel.
Ahead, from Baker Hughes Incorporated (N:) will set the tone.
Overnight, futures fell considerably on Thursday extending losses from a massive sell-off in the prior session, as investors continued to digest a sizable inventory build from last week.
Earlier this week, the front month contract for WTI crude dipped below $ 35 a barrel for the first time since 2008, as the aftershocks from OPEC’s meeting at the start of the month continued to be felt. U.S. crude has closed in the red in eight of the last 10 trading days.
On the Intercontinental Exchange (ICE), for February delivery wavered between $ 36.95 and $ 37.92 a barrel before closing at $ 37.06, down 0.33 or 0.88%. North Brent Sea futures have closed in the green in only three sessions during the month of December.
When OPEC met in Vienna on December 4, the world’s largest oil cartel intensified the prolonged downturn in oil prices when it decided to delay a possible move to reduce production at least six months until it meets next in June. Both the international and U.S. domestic benchmarks of crude have plunged by more than 15% since OPEC’s decision.
Elsewhere, Russia president Vladimir Putin said on Thursday that business activity nationwide has stabilized amid signals that the price of oil has bottomed. Putin opened his annual year-end press conference at the Kremlin by telling reporters that the Russian government had been accustomed to seeing oil prices near $ 100 a barrel, its level from 18 months ago.
While Putin projected a 0.7% increase in GDP growth for 2016, the budget forecast is based on crude prices at $ 50 a barrel.
Before the semi-annual OPEC meeting, talks between Russia and Saudi Arabia on potential production cuts reportedly produced little headway.
Also on Thursday, U.S. congressional leaders indicated that a vote on a proposed $ 1.15 trillion omnibus spending bill will be held on Friday afternoon. On Wednesday, House of Representatives speaker Paul Ryan (R – Washington), said bipartisan leaders agreed on a tentative deal hours earlier to repeal a 40-year ban on U.S. oil exports.
An elimination of the export ban will create an estimated 1 million American jobs, resulting in an additional $ 170 billion for the U.S. economy, Ryan said in a statement.
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NYMEX crude dips additional in Asia, under $35 a barrel
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