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U.S. crude rises after inventory drawdown at Cushing hub

Published 2015-10-27, 09:01 p/m
U.S. crude rises after inventory drawdown at Cushing hub
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TOKYO, Oct 28 (Reuters) - U.S. crude futures rose from
multi-week lows in thin early Asian trade on Wednesday after an
industry group reported that stocks fell at the Cushing hub in
Oklahoma, the delivery point for U.S. oil contracts.
Crude stocks at the Cushing delivery hub fell by 748,000
barrels, data from the industry group, the American Petroleum
Institute, showed late on Tuesday. API/S
General inventories rose by 4.1 million barrels in the week
to Oct 23 to 477.1 million barrels, the data showed.
Gains were limited as a supply glut persists even after U.S.
production cuts and investors are awaiting official inventories
data due out later on Wednesday that is expected to show further
stockpiling.
U.S. crude for December delivery was up 6 cents at $43.26 a
barrel at 0049 GMT after earlier rising to as high as $43.48.
The contract fell to as low as $42.58 on Tuesday, the lowest
since late August.
Brent crude, the global benchmark, was down 3 cents at
$46.78. It fell to $46.41 on Tuesday the lowest since the middle
of September.
U.S. commercial crude oil stockpiles probably rose last week
for the fifth consecutive week, an extended Reuters survey
showed on Tuesday. urn:newsml:reuters.com:*:nL1N12R2AA
Stocks are likely to have risen 3.4 million barrels to about
480 million barrels in the week ended Oct. 23, the survey of
eight analysts showed.
The U.S. Department of Energy's Energy Information
Administration will release the official data at 1430 GMT on
Wednesday.

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