On Wednesday, oil prices eased during Asia trade as industry data on American stockpiles appeared to be bearish.
According to estimates from the American Petroleum Institute, there was a sink of about 800,000 barrels the previous week, short of an expected descend of more than 2 million barrels, while the figures unveiled supplies at the oil-storage hub at Cushing, Okla surged by approximately 1.4 million barrels.
Additionally, Wednesday’s government report could disclose that oil stockpiles sagged by about 2.3 million barrels for the week, with the 10th consecutive weekly sag in inventory levels nationwide. However, the current stockpile are still remains above the five-year average by about 100 million barrels in spite of the recent drawdown.
In New York, September delivery WTI crude futures dipped 0.09%, hitting $42.88. Additionally, Brent crude sagged 0.15%, trading at $45.16 a barrel.
Overnight, American crude futures edged down to new 3-month minimums.
