Thursday 28 Mar 2024
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TOKYO (Apr 2): U.S. crude futures pared a 5 percent jump in the previous session in early Asian trade on Thursday, amid speculation that ongoing talks over Iran's nuclear programme could reach a deal and add more crude to a global oil glut.

FUNDAMENTALS

* NYMEX crude for May delivery was down 40 cents at $49.69 a barrel by 2309 GMT. It settled up $2.49, or 5.2 percent, at $50.09 on Wednesday as U.S. crude output fell for the first time in two months and the government announced a smaller-than-feared rise in weekly stockpiles.

* London Brent crude for May delivery was untraded yet, after settling up $1.99 at $57.10.

* In Switzerland, Iran and six world powers were closer to a preliminary accord on Tehran's nuclear program as marathon talks were set to continue into Thursday.

* A diplomat close to the talks said late on Wednesday that a deal could be announced within hours but had not yet been reached, and the talks could still collapse.

* Crude production in the United States dropped 0.4 percent to 9.4 million barrels per day (bpd) in the week to March 27, the first weekly decline since the end of January, data from the Energy Information Administration showed.

* U.S. domestic crude inventories rose by 4.8 million barrels last week, the EIA data showed. This was above a 4.2-million-barrel build expected by analysts in a Reuters poll, but some had feared a bigger rise.

* Oil production has been suspended at the Mexican platform where a fire killed at least four people on Wednesday, state oil company Pemex said. The affected platform produces around 40,000 barrels per day.

 

 

 

 

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