Investing.com - Crude oil prices rebounded mildly on Friday in Asia as investors looked ahead to U.S. rig count data from Baker Hughes to cap the week's supply picture.
On the New York Mercantile Exchange, WTI crude for September delivery rose 0.11% to $44.80 a barrel. On the Intercontinental Exchange (ICE), Brent crude for September delivery gained 0.30% to $46.34 a barrel.
Overnight, global oil futures fell sharply on Thursday erasing gains from the previous session, as persistent concerns related to the supply glut in crude and refined product remained in focus.
Crude prices fell considerably as investors continued to digest to data from the U.S. and China from Wednesday's session. In June, China's exports of refined fuels surged 38% to a record-high of 4.2 million tons (1.02 million bpd), the nation's Customs Administration said in a monthly report. On an annual basis, Chinese refined exports are up by 45% from the same level at this time last year. The unexpected surge in refined exports exacerbated analysts' concerns on weakening demand in China, the world's second-largest consumer of oil behind the U.S.
In the U.S., gasoline stockpiles rose by 911,000 last week to 241 million, as refinery runs continued to outpace demand during the key summer driving season. It came as the four-week average of Crude Oil Input to Refineries rose to 16.697 million bpd for the week ending on July 15, up sharply by 88,000 bpd from the previous week. Distillate fuel production, meanwhile, remains high one week after inventories surged by more than 4.0 million barrels, posting their largest weekly increase in more than five months.
"The gasoline production numbers in the U.S. are just astounding," analysts from Energy Analytics wrote in a note to investors.
Overall, U.S. commercial crude inventories fell by 2.342 million barrels on the week, in line with consensus estimates for a 2.1 million draw. While U.S. crude inventories remain near historically high levels for this time of the year, stockpiles nationwide have declined in nine straight week.
Elsewhere, Exxon Mobil Corporation (NYSE:NYSE:XOM) announced plans to acquire InterOil Corporation (NYSE:IOC) for $2.5 billion in a deal that enables the oil giant to expand its imprint throughout Southeast Asia. With the merger, ExxonMobil will gain access to InterOil's Liquefied Natural Gas (LNG) business in Papa New Guinea, including a 36.5% stake in the Elk-Antleope field.
"This agreement will enable ExxonMobil to create value for the shareholders of both companies and the people of Papua New Guinea," said Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation. "InterOil’s resources will enhance ExxonMobil’s already successful business in Papua New Guinea and bolster the company’s strong position in liquefied natural gas."