MTECHTIPS:- Crude oil prices ease in Asia after API reports build,

MTECHTIPS:- Crude oil prices ease in Asia after API reports build, EIA data ahead

MTECHTIPS-Crude prices fell in Asia on Wednesday after industry estimates showed US crude supplies gained at the end of last week, though official data is awaited for confirmation. On the New York Mercantile Exchange crude futures for September delivery fell 0.73% to $48.80 a barrel, while on London’s Intercontinental Exchange, eased 0.06% to $51.44 a barrel. Crude oil inventories rose an unexpected 1.78 million barrels at the end of last week, the American Petroleum Institute said late Tuesday, with the industry data often seen as an unreliable place-setter for official data later today. Gasoline was reported as a draw of 4.8 million barrels following a build of 1.9 million barrels the previous week. Distillate registered a draw of 1.22 million barrels after a draw previously. Analysts estimate the Energy Information Administration will report on Wednesday that crude oil inventories were down 2.9 million barrels in the past week, while distillates fell 225,000 barrels and gasoline stocks dipped 1.050 million barrels. The API and EIA figures often diverge. Overnight, crude futures settled lower on Tuesday, as the rally in oil prices cooled, following reports that Opec increased output despite the group’s pact to curb production. Investors skepticism over Opec’s ability to tackle the glut in supply resurfaced Tuesday after survey data from Reuters showed an uptick in Opec production despite the group’s pledge to increase compliance with the deal to cut production.

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