Commodity News
HeadLine : NYMEX crude gains in Asia as API reports 3.9 mln barrel draw last week
Date : Jun 29 2016
Crude oil prices gained in Asia on Wednesday after industry estimates showed a drop in U.S. crude stockpiles.
The American Petroleum Institute reported that U.S. crude supplies fell by 3.9 million barrels for the week ended June 24, according to sources. Later on Wednesday more closely watched data on crude and refined products will be released by the U.S. Department of Energy.
On the New York Mercantile Exchange, WTI crude for August delivery rose 0.50% to $48.09 a barrel.
Overnight, U.S. crude halted a three-day losing skid on Tuesday, amid an easing dollar, as threats of an impending worker strike in Norway offset continuing fears of a potential recession throughout the euro area in the wake of last week's historic Brexit referendum.
U.S. crude futures are still up more than 60% from 13-year lows in mid-February at $26.05 a barrel.
Crude prices received a boost on Tuesday from news out of Norway that up to 7,500 workers in the oil and gas industry could go on strike on Saturday if a new labor deal is not reached later this week.

Source: Investing.com
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