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NYMEX crude oil gains in early Asia as on demand prospects

Published 05/25/2015, 07:04 PM
Updated 05/25/2015, 07:05 PM
NYMEX crude higher in early ASia

Investing.com - Crude oil prices gained in early Asia on Tuesday as investors looked ahead to demand prospects from a mildly upbeat economic assessment by the Federal Reserve chief last week.

On the New York Mercantile Exchange, crude oil for July delivery rose 0.17% at $59.90 a barrel.

Chair Janet Yellen said that the prospect for higher rates this year is underpinned by signs of a recovery gathering pace, though she reiterated that any decision would be data driven.

Overnight, crude oil futures declined on Monday, as trade volumes were light with U.K. markets closed for a public holiday and markets in the U.S. remaining shut for the Memorial Day holiday.

According to industry research group Baker Hughes (NYSE:NYSE:BHI) on Friday, the number of rigs drilling for oil in the U.S. fell by only one last week to 659, marking the 24th straight week of declines.

Oil traders have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market.

However, the rate of decline has slowed in recent weeks, fuelling concerns that some shale oil companies will dial up their output in the months ahead if prices stabilize near current levels.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery was last quoted at $65.44 a barrel.

Concerns over the prospect of a Greek default continued to dominate market sentiment. Greece’s Interior Minister Nikos Voutsis warned on Sunday that the country would be unable to make a €305 million payment to the International Monetary Fund due on June 5 if a cash-for-reforms deal with its international lenders is not reached by then.

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