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NYMEX crude oil up in Asia after API data shows lower stocks

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Investing.com - Crude oil prices gained in early Asian trade Wednesday on global economic growth prospects and expectations of continued drops in U.S. stocks.

On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD98.68 a barrel, up 0.26%, after hitting an overnight session low of USD97.11 and a high of USD98.74.

On the ICE Futures Europe exchange Brent crude, the global benchmark, fell one cent to USD109.38 a barrel.

The American Petroleum Institute said its weekly inventory survey found crude stocks fell by 7.5 million barrels last week, setting the tone for more closely followed data on stocks by the U.S. Energy Information Administration Wednesday.

Analysts forecast a drawdown on U.S. oil inventories of 2.95 million barrels for the week ended Dec. 6

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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.

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