(Corrects 2nd paragraph to Cushing drawdown was biggest since
February 2014, not in seven months)
By Henning Gloystein
SINGAPORE, Sept 17 (Reuters) - Oil prices rose in early
trading in Asia on Thursday after a large U.S. stock draw
tightened the market, while traders kept a close eye to see
whether the Federal Reserve would raise interest rates for the
first time in almost a decade.
Crude's firm tone on Thursday comes after prices jumped as
much as 6 percent on Wednesday, after U.S. Energy Information
Administration data showed the largest crude drawdown since
February 2014 at the key delivery point in Cushing, Oklahoma.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
trading at $47.26 per barrel at 0032 GMT, up 11 cents from their
last settlement. Brent prices were up 5 cents at $49.80 per
barrel.
"WTI prices gained the most this month after the EIA
reported stockpiles slipped 2.1 million barrels last week as
refineries increased operating rates for the first time since
July. U.S. refiners typically slow output during September to
perform maintenance," ANZ bank said on Thursday.
U.S. crude prices have seen bigger price rises in recent
weeks than globally traded Brent futures, owing largely to
Asia's weakening economies. This has narrowed the WTI discount
on Brent by two-thirds to just over two dollars.