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NYMEX crude prices tick slightly higher in early Asia

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Investing.com -

Investing.com - Crude oil prices inched higher in Asia on Thursday, but overall sentiment remains weak on ample global supplies.

On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded at $78.91 a barrel, up 0.03%, after hitting an overnight session low of $76.48 a barrel and off a high of $79.34 a barrel.

Brent oil futures on the ICE ended at $83.81 a barrel, up 0.52%, on Wednesday.

Overnight, crude futures shot up on Wednesday after data revealed U.S. inventories last week rose less than markets expected.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 0.5 million barrels in the week ended Oct. 31, well below expectations for a gain of 1.9 million barrels.

Total U.S. crude oil inventories stood at 380.2 million barrels as of last week.

The report also showed that total motor gasoline inventories decreased by 1.4 million barrels, compared to forecasts for a decline of 1.0 million barrels, while distillate stockpiles fell by 0.7 million barrels.

The numbers stoked fresh expectations that demand in the U.S. for fuel and energy may make a dent in a global market awash in crude oil.

Elsewhere, reports of a fire on a Saudi Arabian pipeline boosted prices by fueling concerns of supply disruptions even though sabotage or acts of terror were not blamed for the cause.

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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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