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NYMEX crude hold steady in Asia on U.S. supply drop

Published 09/24/2014, 06:42 PM
Updated 09/24/2014, 06:44 PM
Crude steady in Asia

Investing.com - Crude prices held steady in Asia on Thursday, carrying overnight support from a sharp drop in U.S. stockpiles.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $92.94 a barrel, up 0.02%, after hitting an overnight session low of $91.13 a barrel and a high of $92.11 a barrel.

Brent oil prices recovered to settle up 0.1% at $96.95 a barrel on ICE Futures Europe on Wednesday.

Overnight, crude prices edged higher on the coattails of upbeat U.S. inventory data, though concerns the world is awash in oil at a time when global demand remains soft sent futures dipping into negative territory at times.

The Department of Energy reported earlier that crude stockpiles plunged by 4.3 million barrels last week, confounding market calls for a build of 386,000.

Also on Wednesday the Census Bureau reported that U.S. new home sales data rose 18.0% last month to 504,000 units, far surpassing expectations for a 4.4% gain to 430,000 units. New home sales for July were revised to a 1.9% increase from a previously estimated 2.4% drop.

The data came a day after a report showed that the U.S. manufacturing sector expanded in September close to market expectations.

Still, oil futures met the news with muted applause on concerns that despite a more upbeat U.S. recovery, the global economy remains sluggish at a time when oil supplies are ample.

Furthermore, Iraq and Nigeria are reportedly stepping up exports, adding more oil to the market, while output at Libya has rebounded as well.

Brent crude, the global benchmark, fell to its lowest intraday level since July 2012 after a Libyan oil official said the country's production has jumped to 900,000 barrels a day, its highest in more than a year.

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