MTECHTIPS:- NYMEX crude weaker in Asia as Baker Hughes, China data ahead
MTECHTIPS:- NYMEX crude weaker in Asia as Baker
Hughes, China data ahead
Crude oil prices fell in Asia on Friday as investors looked ahead to weekend data from China on retail sales and industrial output and took gains from overnight. On the New York Mercantile Exchange, WTI crude for October delivery fell 0.65% to $45.62 a barrel. Also ahead is a survey from industry research group Baker Hughes (NYSE:BHI), which said last week that the number of rigs drilling for oil in the U.S. decreased by 13 last week to 662, the first weekly decline in seven weeks. Overnight, U.S. crude futures surged by nearly 4% during a choppy day of trading even as stockpiles last week rose by a higher level than expected, underscoring continual weak demand throughout energy markets nationwide. On the Intercontinental Exchange (ICE), Brent crude for October delivery traded between $46.79 and $48.90 a barrel before closing at 48.85, up 1.27 or 2.67% on the day. The spread between the international and U.S. domestic benchmarks of crude stood at $4.01, above Wednesday’s level of $3.43 at the end of trading. On Thursday morning, the Energy Information Administration (EIA) said U.S. crude inventories increased by 2.6 million barrels for the week ending on September 4, above expectations for a 1.0 million build. At 458.0 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. Total gasoline inventories increased by 0.4 million barrels, while distillate fuel inventories rose by 1.0 million barrels for the week. The report was delayed by one day this week due to the Labor Day holiday on Monday. U.S. crude production continues to dip, as output fell by 83,000 barrels last week to 9.135 million barrels per day.