* U.S. crude stocks down by 3.7 million barrels - API
* But downward pressure expected from weak Asian economies
* Copper and coal prices have tumbled
By Henning Gloystein
SINGAPORE, Sept 23 (Reuters) - Oil prices edged up early on
Wednesday after U.S. crude stocks were estimated to have dropped
last week, stripping some supplies out of an oversupplied market
that has seen prices more than halve since June 2014.
Industry group the American Petroleum Institute reported
that U.S. crude stockpiles fell 3.7 million barrels last week,
with stocks at the Cushing, Oklahoma delivery point for U.S.
crude futures alone down almost 500,000 barrels. API/S
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
trading at $46.56 per barrel at 0051 GMT, up 20 cents from their
last settlement. Globally traded Brent futures LCOc1 were at
$49.19 per barrel, up 11 cents.
But traders said some downward pressure was likely to build
during Asian trading.
"Oil, like other commodities, is in the middle of a glut.
Most say there are more than 2.5 million barrels in the market
every day that nobody needs," one crude trader said.
Pressure could also build from other commodities, which have
tumbled on the back of China's economic slowdown.
ID:nL1N11S20V
Benchmark copper CMCU3 on the London Metal Exchange closed
down 3.6 percent at $5,080 a tonne, its biggest one-day loss
since July 7, while key thermal coal futures TRAPI2Yc1 closed
at $50 a tonne, its lowest since 2003. ID:L5N11T014
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GRAPHIC-World petroleum oversupply:
http://link.reuters.com/jaz84w
GRAPHIC-OPEC suppply/demand balance:
http://link.reuters.com/tyv52w
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(Editing by Ed Davies)