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Market Compass / RECX-22

Bargain hunt moves send crude higher: 3/29 AM

The May crude oil futures contract in NYMEX ACCESS trade at 11:15 Tokyo time on Thursday was at $64.60 per barrel (bbl), up 22cts from the closing price in New York on Wednesday while the May Brent contract in ICE After Hours Trading was at $69.86/bbl, up 33cts. With the declines in the WTI and Brent crude futures, “bargain hunting moves pushed up in the Asian morning hours,” said Takayuki Nogami, a chief economist at Japan Oil, Gas and Metals National Corp (JOGMEC). Some support also came as stronger euro against US dollar has brought down dollar-based crude futures. The Nikkei Stock Average rose by 134.79 points from Wednesday to hover at Yen 20,166.10. Meanwhile, the US dollar traded at 106.61 against the yen versus 105.47 in the Wednesday evening Tokyo time.  


RECX-22 index for Thursday was at 102.61 points, down 0.29 points from the previous day.






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