Brent and NYMEX decrease in Asia

On Wednesday, crude oil held weaker during Asia trade, after American industry estimates disclosed a build in stockpiles the previous week, thus furthering concerns regarding global oversupply.

In New York, October delivery crude futures sagged 0.17%, trading at $46.27 per barrel. In London, November delivery Brent futures slumped 0.14%, being worth $48.66 per barrel.

The American Petroleum Institute informed that crude oil stockpiles soared 940,000 barrels at the end of the previous week, while gasoline supplies decreased 1.6 million barrels.

Official data from the Energy Information Administration is expected to be published on Wednesday.

Overnight, crude prices were trading higher during North American hours on Tuesday, rebounding from abrupt overnight losses.

Monday’s crude losses came as a broadly stronger greenback, fading hopes of an output freeze and worries regarding extra output from the Middle East and Africa applied pressure on market sentiment.

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