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MTECHTIPS:-NYMEX crude down in Asia on report of major build in API weekly estimate

 Crude prices fell in Asia Thursday on reports of a major build in industry estimates of U.S. stockpiles. The American Petroleum Institute reportedly said that crude supplies jumped by by 9.3 million barrels for the week ended Oct. 9, MarketWatch said, citing sources. Separately, Thursday’s government report could show that U.S. crude stockpiles rose by 2.8 million for the week ending on Oct. 9. The report is delayed by one day this week due to Monday’s closures of the federal government for the Columbus Day holiday. On the New York Mercantile Exchange, WTI crude for November delivery fell 0.56% to $46.39 a barrel. Overnight, U.S. crude futures inched down on Wednesday, as persistent concerns related to global oversupply and decelerated economic growth in China pushed prices to an eight-day low On the Intercontinental Exchange (ICE), Brent crude for December delivery wavered between $49.22 and $50.01 a barrel, before closing at $49.68, down 0.01 or 0.02% on the session. Brent futures are also down sharply over the last several sessions after spiking above $54 a barrel last Friday. Concerns of lower global demand for oil mounted on Wednesday, following the release of soft producer pricing and consumer inflation data in China. In overnight trading, China’s National Bureau of Statistics reported that its Producer Price Index fell 5.9% in September, marking the 43rd straight month of declines and the biggest drop since the peak of the Financial Crisis.

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