MTECHTIPS:-NYMEX crude rebounds in Asia after API draw, OPEC key
MTECHTIPS- Crude oil prices rebounded mildly in Asia on Wednesday after a draw reported in industry inventory data from the U.S. and as speculation swirls on OPEC’s production plans ahead of a crucial meeting in Vienna. U.S. crude oil on the New York Mercantile Exchange traded at $45.39 a barrel, up 0.35%. Prices were weighed Tuesday by conflicting media comments that call into question OPEC’s ability to come to agreement about a cut in production. OPEC members will meet Wednesday in Vienna, Austria. The American Petroleum Institute late Tuesday said crude oil inventories fell 720,000 barrels last week, 120,000 barrels more than expected and which followed a draw of 1.28 million barrels the previous week. Overnight, oil prices fell more than 3% on Tuesday, extending early losses amid growing doubts that the Organization of the Petroleum Exporting Countries will be able to reach an agreement on a deal to curb output. Global benchmark Brent futures on London’s Intercontinental Exchange were last quoted at $47.24 a barrel. OPEC is attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts aimed at reducing a global supply glut that has seen prices more than halve since 2014.
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