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MTECHTIPS:-NYMEX crude up in early Asia as API draws show strong summer demand

Wednesday, June 10, 2015 6:31
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Crude oil prices gained in Asia on Wednesday as a U.S. industry estimate of crude and refined product stocks showed sharp draws in crude and gasoline. The American Petroleum Institute said crude supplies last week fell 6.7 million barrels and gasoline inventories sank 3.9 million barrels, strong indicators of demand for the summer driving season in the U.S. Distillate stocks rose 38,000 barrels. On Wednesday, the more closely-watched government report on the same stock estimates could show crude stockpiles fell by 1.7 million barrels in the week ended June 5. On the New York Mercantile Exchange, crude oil for July delivery gained 0.67% to trade at $60.54 a barrel. Overnight, West Texas Intermediate oil futures rose sharply on Tuesday, as traders looked ahead to weekly data on U.S. stockpiles of crude and refined products later in the day. According to industry research group Baker Hughes , the number of rigs drilling for oil in the U.S. fell by 4 last week to 642, the 26th straight week of declines. Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market. Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery rallied to $65.08 a barrel on Tuesday, the most since June 3, before trading at $64.96, up $2.27, or 3.61%. Disappointing Chinese inflation data added to speculation policymakers will have to introduce further stimulus measures to jumpstart the economy amid lackluster growth. Government data released Tuesday showed that Chinese inflation for May rose 1.2%, below expectations for 1.3% and down from 1.5% in April.
 
 

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