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MTECHTIPS:NYMEX crude eases in Asia as API data shows solid stocks build

MTECHTIPS:NYMEX crude eases in Asia as API data shows solid stocks build

Crude oil prices dipped in early Asia on Thursday as industry data showed a solid build in U.S. crude supplies. The American Petroleum Institute said crude stocks last week jumped 2.1 million barrels, far above the 300,000 barrels build expected, with refined product estimates not immediately available. On Thursday, the U.S. Department of Energy will release more closely-watched figures on the same data. On the New York Mercantile Exchange, WTI crude for October delivery eased 0.05% to $44.19 a barrel. Overnight, crude futures fell considerably on Wednesday amid a broadly stronger dollar, ahead of the American Petroleum Institute’s weekly report on U.S. crude stockpiles nationwide. On the Intercontinental Exchange (ICE), Brent crude for October delivery traded between $47.52 and $50.03 a barrel before settling at $47.62, down 1.91 or 3.86% on the session. The spread between the international and U.S. domestic benchmarks of crude stood at $3.45, below Tuesday’s level of $3.58 at the close. Energy traders await the release of API’s weekly inventory report on Wednesday after the close for further indications on the supply-demand balance in U.S. markets. The report is delayed by one day this week due to the Labor Day holiday on Monday. Separately,
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