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MTECHTIPS:-NYMEX crude up in early Asia as API reports sharp weekly drop

MTECHTIPS:-NYMEX crude up in early Asia as API reports sharp weekly drop

Crude oil prices rose slightly in early Asia on Wednesday as a U.S. industry survey showed smart drops in crude and gasoline stocks last week. On the New York Mercantile Exchange, WTI crude for September delivery rose 0.05% to $45.88 a barrel. The American Petroleum Institute said that crude stocks plunged 2.4 million barrels last week, while gasoline supplies dropped 1 million barrels and distillates rose 1.7 million barrels. Energy traders are anticipating a draw in U.S. weekly stockpiles as well with the U.S. government report on Wednesday that could show that U.S. crude stockpiles fell by 1.3 million for the week that ended on July 31. Last week, U.S. crude futures surged by more than 1.5% after the Energy Information Administration (EIA) said crude stockpiles nationwide fell by 4.203 million barrels, below expectations for a 1.88 million draw. U.S. crude inventories remain near 460 million barrels, around its highest level in at least 80 years. Any supply draws are viewed as bullish for crude, amid a glut of oversupply in energy markets worldwide. Overnight, crude futures rebounded slightly from Monday’s massive rout that sent prices crashing to six-month lows, as investors await the release of the American Petroleum Institute’s weekly inventory report for further signals on the widening supply and .
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