MTECHTIPS:-NYMEX, Brent down in Asia as API estimates show larger
MTECHTIPS:-NYMEX, Brent down in Asia as API estimates show larger than seen build
MTECHTIPS- Crude oil prices fell sharply in Asia on Wednesday as downbeat estimates on U.S. inventories hit sentiment. Late Tuesday, the American Petroleum Institute said U.S. oil inventories soared 4.7 million barrels last week, well above an expected 1.5 million barrel drop, while gasoline stocks rose 3.9 million barrels and distillates gained 200,000 barrels. Cushing showed a 600,000 barrel increase. The figures come ahead of more closely-watched official data from the U.S. Department of Energy later Wednesday. On the New York Mercantile Exchange, January crude futures fell 1.34% at $52.27 a barrel. Global benchmark Brent futures on London’s Intercontinental Exchange eased 0.40% at $55.09 a barrel. The Bank of Japan’s Tankan survey showed that an uptick in the sentiment of Japan’s major manufacturers, with the headline index at plus-10 in the fourth-quarter, but expected to fall to plus-8 over the next three months. Overnight, the International Energy Agency (IEA) said a gap of as much as 600,000 barrels per day (bpd) was possible next year, while cautioning that the complex production curb effort would need to see solid compliance.