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MTECHTIPS:-Crude Oil Gains In Asia After API Estimates Offer Support

Wednesday, October 18, 2017 3:27
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MTECHTIPS:-Crude Oil Gains In Asia After API Estimates Offer Support

 

MTECHTIPS-Crude oil prices gained in Asia on Wednesday as industry estimates of U.S. inventories showed a large that expected drop in crude, though products showed gains over expected declines. On the New York Mercantile Exchange crude futures for November delivery rose 0.42% to $52.10 a barrel, while on London’s Intercontinental Exchange, Brent added 0.29% to $58.28 a barrel. Crude oil inventories fell by 7.130 million barrels, the American Petroleum Institute (API) said oin Tuesday, more than expected as gasoline stocks rose by 1.94 million barrels and distillates gained 1.64 million barrels missing expectations of declines. The oil storage hub at Cushing, Oklahoma, showed a drop of 151,000 barrels. The API estimates will be followed by official data on Wednesday from the Energy Information Administration (EIA). Crude oil inventories were seen down by 4.750 million barrels, while gasoline stocks are seen down by 1.0 million barrels and distillates off by 1.5 million barrels. The API and EIA figures often diverge. Overnight, crude oil prices settled flat on Tuesday as expectations of a ramp up in U.S. production weighed on sentiment while easing conflict in Northern Iraq between Iraqi and Kurdish forces lessened concerns over potential supply disruptions in the region



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