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Oil prices mixed in Asia
Oil prices were mixed in Asia on Friday with some traders taking profits after enjoying a boost in the previous session thanks to stronger-than-expected trade data out of China, analysts said.
New York’s main contract, light sweet crude for delivery in February, gained six cents to $93.88 a barrel in the afternoon while Brent North Sea crude for February dropped 33 cents to $111.56.
“We’re seeing some profit-taking... after the ticking up of oil prices yesterday,” said Jason Hughes, the head of premium client management at IG Markets in Singapore.
Crude prices hit three-month highs on Thursday after a surge in China’s trade surplus sparked hopes that the world’s second-largest economy and biggest energy user was emerging from its slumber.
The country slashed oil production by 700,000 barrels per day (bpd) to nine million bpd during the last two months of 2012, the report stated.
Official data released Friday showing a sharp slowdown in China’s inflation rate in 2012 as well as Japan’s announcement of fresh stimulus package had little impact on crude markets, Hughes stated.
“The market is consolidating and waiting to take further cues from the US session,” he said.
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