Crude oil futures up in early Asian trade after big losses | Reuters

TOKYO Crude prices rose on Thursday in early Asian trading after big losses in the previous session spurred by mounting concerns that the global glut in oil is not going away soon after the latest bearish data out of the United States.

Brent crude LCOc1 was up 37 cents at $46.63 a barrel at 0032 GMT. On Wednesday, it fell $2.21, or 4.6 percent, to $46.26 a barrel.

U.S. crude CLc1 rose 43 cents to $45.18 a barrel. The contract fell $2.05, or 4.4 percent, to close at $44.75 in the previous session.

Crude stockpiles in the United States were down less than expected last week, while distillate inventories rose the most since January and gasoline stocks unexpectedly increased, the Energy Information Administration (EIA) said on Wednesday.

The data portrayed a traditionally busy summer driving season beset with unusually weak demand, when many had expected record driving trips amid lower oil prices.

The EIA said crude inventories USOILC=ECI fell 2.5 million barrels last week, less than the 3 million-barrel drop forecast in a Reuters poll.

The report pressured prices in a market already bearish after the International Energy Agency warned of a global oil glut, saying surging crude stocks have pushed floating storage to seven-year highs.

(Reporting by Aaron Sheldrick; Editing by Michael Perry)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Jul 14, 2016 06:16 AM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent