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MTECHTIPS:-NYMEX crude gains in Asia as API reports surprise drop in stockpiles

Wednesday, October 19, 2016 1:40

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MTECHTIPS:-NYMEX crude gains in Asia as API reports surprise drop in stockpiles

MTECHTIPS- Crude prices posted a gain in early Asia on Wednesday as U.S. industry estimates showed a drop in stockpiles. Crude oil for November delivery on the New York Mercantile Exchange rose to $50.80 a barrel. The American Petroleum Institute said late Tuesday that crude oil stocks fell by a surprise 3.8 million barrels last week, following a 2.7 million build the previous week, the first in four weeks. The figures come ahead of more closely-watched official data from the Department of Energy later on Wednesday. China reports third quarter GDP with a quarter-on-quarter gain of 1.8% and a year-on-year pace of 6.7% expected. As well in the Middle Kingdom, fixed asset investment is seen up 8.2% year-on-year for September and industrial production likely rose 6.4% year-on-year.Retail sales for September are seen up 10.6% year-on-year. China is the world’s second largest importer of crude oil. Overnight, oil prices drifted lower on Tuesday, with a planned production cut by the Organization of the Petroleum Exporting Countries largely priced into the market. OPEC reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels per day in talks held on the sidelines of an energy conference in Algeria late last month.

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