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NYMEX crude rebounds in early Asia with China PMIs eyed for demand

Published 08/31/2016, 08:07 PM
Updated 08/31/2016, 08:09 PM
NYMEX crude rebounds in Asia

Investing.com - Crude prices rebounded in early Asia on Thursday as investors looked ahead to data from China and other countries on manufacturing performance last month.

Crude oil for October delivery on the New York Mercantile Exchange rose 0.29% to $44.83 a barrel.

In China, the semi-official CFLP manufacturing PMI for August is due with the level seen unchanged at 49.9 and the non-manufacturing PMI last in at 53.9. Then comes the Caixin manufacturing PMI for August with a 50.1 level seen, a dip from 50.6 the previous month. China is the world's second largest crude oil importer.

Overnight, prices on the NYMEX fell as U.S. crude stocks rose more than expected at the end of last week with the U.S. Department of Energy showing gain of 2.276 million barrels after a rise of 2.501 million the the previous week.

Gasoline stocks barrels fell 691,000 barrels after a rise of 36,000 the previous week.

On the ICE Futures Exchange in London, Brent oil for November delivery dipped 0.04% to $46.99 a barrel.

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