Brent and NYMEX hold revenues in Asia
On Thursday, oil prices held profits in Asia as market participants digested American stockpiles data and also looked for more cues from key producers on chances for an output freeze.
In New York, October delivery crude futures tacked on 0.21%, being worth $43.67 per barrel. In London, November delivery Brent futures soared 0.46%, trading at $46.06 per barrel.
The US Energy Information Administration informed in its weekly report that oil inventories sagged by 559,000 barrels by September 9. Financial experts expected a crude-stock soar of 3.8 million barrels, while on Tuesday, the American Petroleum Institute reported a supply surge of 1.4 million barrels.
The previous week, supplies at Cushing, Oklahoma, the major delivery point for NYMEX crude, edged down by 1.245 million barrels. Total American crude inventories stood at 510.8 million barrels as of the previous week.
Crude traders kept weighing prospects that key crude producing nations are going to freeze output to back the market when they have a meeting later this month.