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NYMEX crude continues gains in Asia despite bearish API report

Published 02/03/2015, 06:45 PM
Updated 02/03/2015, 06:47 PM
© Reuters. NYMEX crude up in Asia
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Investing.com - Crude oil prices continued gains in Asia on Wednesday despite a realtively bearish report from an industry body on U.S. stockpiles.

U.S. inventories for the week ended Jan. 30 rose by 6.1 million barrels to 411.2 million barrels, according to reports citing the American Petroleum Institute late Tuesday.

Later Wednesday, more closely watched figures from the U.S. Department of Energy are due.

Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in March rose 0.24% at $51.85 a barrel.

Overnight, Brent oil futures soared to a one-month high on Tuesday, amid speculation productions cuts by major oil companies and drillers in the U.S. will alleviate a glut in global supplies.

On the ICE Futures Exchange in London, Brent oil for March delivery rallied as much as $2.42, or 4.23%, to hit a session high of $57.17 a barrel, the most since January 2, before trading at $55.84 during U.S. morning hours, up $1.08, or 1.98%.

Brent prices are up almost 12% since last Friday. Futures have risen approximately 17% since hitting a recent low of $46.40 on January 13.

West Texas Intermediate oil futures gained nearly 11% in the past two sessions amid indications U.S. producers are pulling back on new production in response to low prices.

Industry research group Baker Hughes said last Friday that the number of rigs drilling for oil in the U.S. fell by 94, or 7%, to 1,223 last week, the lowest since October 2013.

The number of oil rigs has declined in 13 of the last 16 weeks since hitting an all-time high of 1,609 in mid-October.

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