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MTECHTIPS:-NYMEX crude posts strong rebound in Asia after U.S. drop

MTECHTIPS:-NYMEX crude posts strong rebound in Asia after U.S. drop

Crude prices rebounded sharply in early Asia on Friday as overnight declines provided a new buying opportunity even as the U.S. remains significantly oversupplied. On the New York Mercantile Exchange, WTI crude for November delivery jumped 1.19% to $46.93 a barrel. Overnight, U.S. crude futures fell to the lowest level in more than a week on Thursday, as a considerable build in crude stockpiles last week exacerbated concerns over a glut of oversupply on global energy markets. For most of Thursday’s session, crude futures were on track to settle at their lowest level in two weeks until rallying in the final minutes before the close of trading. On the Intercontinental Exchange (ICE), Brent crude for December delivery wavered between $48.70 and $49.84 a barrel before closing at $49.74, up 0.05 or 0.10% on the day. With the slight gains, Brent futures halted a four-day losing streak. On Thursday morning, the U.S. Energy Information Administration (EIA) said U.S. crude inventories for the week ending on Oct. 9 surged by 7.6 million barrels, significantly above forecasts for a build of 2.8 million barrels.

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