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MTECHTIPS:-NYMEX crude gains in Asia as China markets return from holidays

Crude oil gained in Asia on Thursday despite weak manufacturing figures from Japan and higher U.S. stockpiles than expected reported overnight. On the New York Mercantile Exchange, WTI crude for November rose 0.97% to $48.28 a barrel. In Japan core machinery orders plunged 5.7% in August, sharply missing the expected 3.2% gain month-on-month, leading the government to downgrade its views on the sector after the third straight monthly drop. As well current account showed a surplus of ¥1.653 trillion in August, above the previous month’s ¥1.037 trillion. In China, where markets open after a week-long break, comes the Caixin Services PMI later in the day. Overnight, crude futures see-sawed on a volatile day of trading, amid a stronger than expected build in U.S. crude stockpiles last week. On the Intercontinental Exchange (ICE), Brent crude for November delivery wavered between $51.23 and $53.15 a barrel before closing at $51.45, down 0.47 or 0.83% on the session. On Wednesday, the U.S. Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that U.S. crude inventories for the week ending on Oct. 2 rose by 3.1 million barrels.

 

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