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MTECHTIPS;-NYMEX crude gains in Asia as API data supports, U.S. data ahead

MTECHTIPS;-NYMEX crude gains in Asia as API data supports, U.S. data ahead

Crude oil prices gained in Asia on Wednesday as a survey by U.S. industry lobby group, the American Petroleum Institute showed a drop in stockpiles last week – though not as much as expected. API said crude oil supplies fell by 847,000 barrels last week, less than the 1.8 million barrel drop seen, with data on refined products not immediately available. Later on Wednesday the U.S. Department of Energy will release its own estimates of crude and refined product stocks that are more closely-followed by the market. On the New York Mercantile Exchange, WTI crude for September delivery rose 0.59% to $43.34 a barrel. Overnight, U.S. crude futures plunged to six-year lows on Tuesday, amid fresh concerns of long-term oversupply on the global energy markets following the release of bearish data from OPEC earlier in the session. On the Intercontinental Exchange (ICE), Brent crude for September delivery wavered between $49.19 and $51.69 before settling at $49.70 a barrel, down 1.32 or 2.59% on the session. Brent crude futures fell to near its January low of $48.78 when the international benchmark touched down to six-year lows. The spread between the international and U.S. benchmarks of crude stood at $6.57, above Monday’s level of $6.09 at the close.
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