Crude oil futures gain in asia on API estimates, China caixin PMI
Crude oil prices gained in Asia as industry estimates of U.S. inventories boosted sentiment and an on target PMI reading in China soothed concerns of a slowdown. The Caixin/Markit manufacturing PMI for October came in at 51.0 as and unchanged from September, according to data released on Wednesday. The release follows China's official manufacturing PMI for October that came in at 51.6 below expectations. Crude oil stocks fell by 5.087 million barrels last week, the American Petroleum Institute (API) said on Tuesday, while gasoline supplies dropped 7.697 million barrels and distillates declined 3.106 million barrels. Supplies at the oil storage hub of Chushing, Oklahoma, fell by 263,000 barrels. Analysts expected a 2.575 million barrels drop in crude, a 2.450 million barrels decline in distillates and a 2.050 million barrels dip in gasoline supplies.
Source: Investing
More will update soon!!!
