Oil prices is running up

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SINGAPORE Oil prices moved very little on Tuesday, with liquidity fading in the run-up to the Christmas weekend.U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $52.11 per barrel at 0035 GMT, virtually unchanged from their last settlement.International Brent crude oil futures LCOc1 were yet to trade.
Traders and analysts said there were no fundamentals available to drive large price swings, and that markets would likely remain tepid this week.”With little data due, prices are likely to drift aimlessly in today’s session,” ANZ bank said on Tuesday.

A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson
A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson

Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore said that “a light news week and the run in to the holiday season” was keeping markets quiet.
(Reporting by Henning Gloystein; Editing by Joseph Radford)
This story has not been edited by Firstpost staff and is generated by auto-feed.

An anchor with CNBC TV18 for almost 4 years. Also co-anchors prime-time market shows like Power Breakfast, Traders only, Markets Mid-day and NSE Closing Bell.