MTECHTIPS;-Oil bounces off 3-week lows on bets for bullish U.S.supply

MTECHTIPS;-Oil bounces off 3-week lows on bets for bullish U.S. supply data

MTECHTIPS-Oil prices edged higher on Wednesday, bouncing off their lowest levels in three weeks amid speculation weekly supply data due later in the session will show another big drop in U.S. crude inventories. The U.S. Energy Information Administration will release its official weekly oil supplies report at 10:30 AM ET (1430 GMT). Analysts expect crude oil inventories dropped by around 3.0 million barrels at the end of last week. If confirmed, it would mark a seventh weekly decline in a row. Meanwhile, gasoline supplies are seen decreasing by 1.0 million barrels and distillates are forecast to fall 572,000 barrels. After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories fell by 9.16 million barrels in the week ended August 11. The API report also showed a gain of 300,000 barrels in gasoline stocks, while distillate stocks fell by 2.1 million barrels. There are often sharp divergences between the API estimates and the official figures from EIA. The U.S.September contract was at $47.84 a barrel by 3:25 AM ET (0725 GMT), up 29 cents, or around 0.6%. It slumped to its lowest since July 25 at $47.02 a day earlier. Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London tacked on 40 cents, or about 0.8%, to $51.20 a barrel, after falling to a three-week low of $50.02 in the prior session

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