Crude Rebounds in Asia After API Shows Surprise Crude Stocks Drop

Crude prices rebounded from early weakness on Wednesday in Asia after a surprise draw reported in an industry estimate of crude oil inventories and reports that Saudi Arabia favors an extension of a coordinated pact to trim global oil production.
On the New York Mercantile Exchange crude futures for May delivery rose 0.30% to $53.56 a barrel, while on London's Intercontinental Exchange, Brent gained 0.34% to $56.42 a barrel.
Crude inventories in the U.S. fell 1.3 million barrels at the end of last week, the American Petroleum Institute (API) said Tuesday, a surprise drop with analysts expecting a build in supplies.
On Wednesday official data from the U.S. Energy Information Administration (EIA) will be released. Last week, figures by the two groups diverged with API showing a crude draw and EIA a build.
For the past week, API also reported gasoline stocks dropped 3.7 million barrels and distillates declined by 1.6 million barrels. Supplies at the storage hub of Cushing Oklahoma rose by 360,000 barrels, API said.
Analysts expected a 316,000 barrels build in crude supplies, and a drop in gasoline stocks of 1.761 million barrels and a decline in distillate supplies of 896,000 barrels. For Any Information Visit : www.pacresearchindia.com and Call : 8817774774