MTECHTIPS;-Crude holds gians in Asia on upet views on output cuts,

MTECHTIPS;-Crude holds gians in Asia on upet views on output cuts, inventories

MTECHTIPS-Crude held gains in to Asia on Wednesday with markets getting a burst of upbeat news on global supply cuts and inventories. On the New York Mercantile Exchange crude futures for August delivery were quoted at $48.85, up 1.17%, while on London\’s Intercontinental Exchange, Brent was cited at $50.77 a barrel. U.S. oil stocks dropped a sharp 10.23 million barrels at the end of last week, the American Petroleum Institute estimated on Tuesday, with the figure far exceeding an expected 3.0 million barrels decline. Gasoline supplies rose 1.9 million barrels following a large draw of 5.45 million barrels the previous week and compared with expectations of a draw. Distillate registered a draw of 0.11 million barrels after the draw of 2.9 million barrels previously. Stocks at the oil storage hub of Cushing, Oklahoma, registered a substantial draw of 2.57 million barrels the 15th weekly draw out of the last 16 weeks. On Wednesday, the Energy Information Administration is due to release official data. Overnight, crude futures settled higher on Tuesday, as investors continued to cheer Saudi Arabia’s pledge to lower crude exports and Opec’s commitment to boost compliance with output cuts to curb excess supplies.

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