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MTECHTIPS:-NYMEX crude gains in Asia as API weekly estimates show 1.2 M barrel drop

Crude oil prices gained in Asia on Wednesday as investors eyed a drop in U.S. stocks. The American Petroleum Institute’s weekly inventory report showed a drop of 1.2 million barrels last week for crude, though refined products data was not available. On the New York Mercantile Exchange, WTI crude for November delivery rose 0.64% to $48.79 a barrel. Ahead, the U.S. Department of Energy will release its own estimates Last week, it saidU.S. crude stockpiles rose by 4.0 million barrels for the week ending on Sept. 25, significantly above estimates for a 0.5 million draw. At 457.9 million barrels, U.S. crude inventories remain near its highest level at this time of the year in at least 80 years. Overnight, U.S. crude futures surged as much as 5% on Tuesday before paring earlier gains late in the session, as investors continued to react to news that Russia and Saudi Arabia have met recently to discuss the downturn in global oil prices with further talks potentially on the forefront. On the Intercontinental Exchange (ICE), Brent crude for November delivery also rose sharply, surging above $51 a barrel for the first time since Sept. 4. Brent crude traded between $48.87 and $51.99, before settling at $51.89, up $2.66 or 5.38% on the day. The spread between the international and U.S. domestic benchmarks of crude stood at $3.35, above Monday’s level of $3.05 at the close of trading.

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