Brent and NYMEX earn smartly in Asia
On Wednesday, crude gained smartly during Asia trade, following solid economic growth data in China and the fact that US industry estimates revealed a dip in stockpiles.
In New York, November delivery crude futures ascended 1.03%, hitting $50.81 per barrel. In London, December delivery Brent futures earned 0.95%, trading at $52.17 a barrel.
China posted its third quarter GDP with a quarter-on-quarter revenue of about 1.8%, thus meeting expectations along with a year-on-year tempo of 6.7% along with decent figures for industrial production, retail sales as well as fixed asset investment.
Earlier, the American Petroleum Institute disclosed late on Tuesday that crude stocks sagged by a surprise 3.8 million barrels the previous week, following a 2.7 million build last week, the first in four weeks. The figures arose ahead of more closely-watched official news from the Department of Energy later on Wednesday.
Overnight, crude prices drifted lower, with a planned output cut by the Organization of the Petroleum Exporting Countries greatly priced into the market.