Brent and NYMEX rebound in Asia
On Thursday, crude oil rebounded during Asia trade as market participants simply bought on a dip overnight, following data that summer driving in America isn’t making a huge impact on demand.
In New York, August delivery WTI crude futures surged 1.27%, hitting $45.32 per barrel. September delivery Brent crude futures rose 1.1%, trading at $46.77 per barrel.
Overnight, oil futures dipped abruptly, retreating back close to two-month minimums, as market participants shrugged off a moderate draw in American crude stockpiles placing a greater emphasis on the steepest build in distillate fuel inventories for six months.
On Wednesday morning, the US Energy Information Administration unveiled in its Weekly Petroleum Status Report that last week commercial oil inventories slumped by approximately 2.5 million barrels by July 8.
Meanwhile, gasoline inventories surged by 1.2 million barrels, while distillate fuel stockpiles edged up by 4.1 million barrels.