Crude oil futures up in early Asian trade after big losses
TOKYO : Crude prices rose on Thursday in early Asian trading after big losses in the previous session spurred by mounting concerns that the global glut in oil is not going away soon after the latest bearish data out of the United States.
Brent crude LCOc1 was up 37 cents at $ 46.63 a barrel at 0032 GMT. On Wednesday, it fell $ 2.21, or 4.6 percent, to $ 46.26 a barrel.
U.S. crude CLc1 rose 43 cents to $ 45.18 a barrel. The contract fell $ 2.05, or 4.4 percent, to close at $ 44.75 in the previous session.
Crude stockpiles in the United States were down less than expected last week, while distillate inventories rose the most since January and gasoline stocks unexpectedly increased, the Energy Information Administration (EIA) said on Wednesday.
The data portrayed a traditionally busy summer driving season beset with unusually weak demand, when many had expected record driving trips amid lower oil prices.
The EIA said crude inventories USOILC=ECI fell 2.5 million barrels last week, less than the 3 million-barrel drop forecast in a Reuters poll.
The report pressured prices in a market already bearish after the International Energy Agency warned of a global oil glut, saying surging crude stocks have pushed floating storage to seven-year highs.