MANTHANTIPS:- Brent, NYMEX down in Asia as API estimates show surprise build
Crude oil prices held weaker in Asia Wednesday as a surprise build shown in industry estimates of U.S. stockpiles weighed on sentiment. On the New York Mercantile Exchange, WTI crude for September delivery was last quoted down 0.35% at $42.62 a barrel. On the Intercontinental Exchange (ICE), Brent crude for October delivery eased 0.22% to $44.88 a barrel. The American Petroleum Institute reported a 2.1 million barrel rise in U.S. crude-oil inventories last week, according to sources. Earlier, ,arket analyst Genscape reported a build of more than 307,000 barrels at the Cushing, Oklahoma delivery hub. Separately, Wednesday’s government report could show that crude inventories nationwide fell by 1.0 million barrels for the week ending on August 5. Over the previous week,U.S. crude stockpiles unexpectedly rose by 1.4 million barrels defying analysts’ expectation for a 1.4 million draw. At 522.5 million barrels, U.S. crude oil inventories are at historically high levels for this time of year.