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NYMEX crude keeps overnight gains early in Asia, API data bullish

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Investing.com -

Investing.com - Crude oil prices gained slightly in Asia on Wednesday after bullish industry data on U.S. stocks.

The American Petroleum Institute showed a 6.5-million-barrel drop in crude stocks in the past week. The API also said gasoline supplies rose by 91,000 barrels, while distillate inventories rose by 3 million barrels.

Analysts expect the EIA to report that nationwide crude supplies rose by 386,000 barrels. They also expect that gasoline supplies fell by 86,000 barrels and stocks of distillates, including heating oil and diesel fuel, rose by 593,000 barrels.

On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in November traded at $91.64 a barrel, up 0.09%, after hitting an overnight session low of $90.66 a barrel and a high of $91.89 a barrel.

Brent oil fell 12 cents, or 0.1%, to $96.85 a barrel on ICE Futures Europe on Monday.

Overnight, crude prices jumped after data revealed Chinese factories have been busier this month than markets were expecting.

China's HSBC manufacturing index for September came in at 50.5, ahead of expectations for 50.0 and up from the final reading of 50.2 in August.

The data eased concerns over a slowdown in the world's second-largest economy.

Meanwhile in the U.S., solid data supported the commodity as well.

Markit Economics reported earlier that its preliminary U.S. manufacturing purchasing managers' index came in at 57.9 in September, unchanged from August and the highest since April 2010 though shy of market calls for a 58.0 reading

A separate report showed that the Federal Reserve Bank of Richmond's monthly manufacturing index rose to 14 this month from 12 in August, defying market forecasts for a decline to 10.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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