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MTECHTIPS:- NYMEX crude rebounds in Asia as investors buy on overnight dip

MTECHTIPS:- NYMEX crude rebounds in Asia as investors buy on overnight dip

Crude oil prices gained in Asia on Thursday as investors took advantage of an overnight dip. On the New York Mercantile Exchange, WTI crude for November delivery traded up 0.67% to $44.77 a barrel. Overnight, U.S. crude futures reversed territory on Wednesday afternoon, falling by nearly 4%, as a considerable build in gasoline inventories offset a second consecutive weekly draw in crude stockpiles. On the Intercontinental Exchange (ICE), Brent crude for November delivery closed down by more than 2.5% at $47.81 a barrel, halting a three-session winning streak. On Wednesday morning, the U.S. Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that U.S. crude inventories decreased by 1.9 million barrels for the week ending Sept. 18, extending a 2.1 million barrel draw from a week earlier. For the most part, energy traders anticipated a sizeable draw after the American Petroleum Institute reported a decrease of 3.7 million barrels on Tuesday after the close of trading. At 454.0 million barrels, U.S. crude stockpiles still remain near their highest levels in at least 80 years. Motor gas inventories increased by 1.4 million barrels last week, while distillate fuel inventories decreased by 2.1 million barrels. U.S. crude production, meanwhile, crept up on the week, ending a seven-week streak of declines. Crude output nationwide rose by 19,000 last week to 9.136 million barrels per day, following a moderate increase in Alaskan ouput. In early-June, crude production in the U.S. peaked above 9.6 million barrels per day, its highest on record in more than 40 years.

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