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Oil prices down in thin pre-holiday trade

Oil prices down in thin pre holiday trade Crude edged lower in thin pre-holiday trade on Wednesday ahead of the release of a key US supply report, as analysts predicted a rebound in prices in the new year after shedding nearly 50 per cent since June.

US benchmark West Texas Intermediate for February delivery fell 38 cents to $53.74 while Brent crude for February eased 49 cents to $57.41 in mid-morning trade.

Trading volumes were thin with many dealers away ahead of the New Year’s Day holiday on Thursday. Financial markets in Japan, Indonesia, the Philippines, South Korea, and Thailand are closed on Tuesday.

– PTI