* NYMEX Crude For February Supply Was Down $1..
NYMEX crude for February delivery was down $1.Eleven at $47.58 a barrel by 2348 GMT, little changed from late trading on Monday. There was no official settle for U.S. crude on Monday as U.S. markets had been closed for the Martin Luther King Jr. Day vacation.
* London Brent crude for March delivery was untraded thus far, after settling down $1.33 at $forty eight.84.
* China’s annual petrochemical engineering placements petrochemical engineering placements economic growth seemingly slowed to 7.2 % within the fourth quarter of last year, the slowest tempo since the first quarter of 2009 and in need of Beijing’s target of 7.5 percent.
Additionally due are Chinese retail sales, industrial output and city investment for December.
* Iraq pumped a file 4 million barrels per day (bpd) of oil in December, Oil Minister Adel Abdel Mehdi said on Sunday.
* Iran’s oil minister mentioned on Monday that consultations with different OPEC members to cease a further drop in oil costs have yet to bear fruit however Tehran had no plans to call an emergency meeting to discuss prices.
“Even when the oil price goes down to $25 a barrel, the oil trade won’t be threatened,” the Fars news agency quoted Bijan Large Pressure Vessel On-site Tank Zanganeh as saying.
* A drop in U.S. drilling rigs as a result of oil value decline signified a possible fall in future production.
In a word to clients, Commerzbank analysts mentioned data from oilfield companies firm Baker Hughes showed the rig depend hit its lowest since October 2013.
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