Oil Futures Sees Morning Gains Fade in Asia
By Biman Mukherji
--Oil futures shed most of its gains in Asian trading by midday Friday as the market continues to be overshadowed by record U.S. production.
--April light, sweet crude on the New York Mercantile Exchange was recently up 7 cents at $60.19 a barrel in the Globex trading session. May Brent rose 0.2% to $63.75.
--The market fell another 1%-plus on Thursday after Wednesday's post-data selling. With the dollar generally steady for now, the focus is on the supply-demand picture. U.S. weekly rig-count data from Baker Hughes will likely provide fresh cues about oil production there later in 2018.
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(END) Dow Jones Newswires
March 08, 2018 23:15 ET (04:15 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.