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Nov 1 2017, 08:42 AM (CDT) | Fortfs.com

Oil futures edged up in Asian trading hours on Wednesday following upbeat industry estimates of US stockpiles and an unofficial PMI in China that reduced uncertainty over the future.

 

The US West Texas Intermediate crude contracts were up 0.63 percent to $54.72 per barrel as of 06:40 GMT. Brent futures were up 0.56 percent, to $61.28 a barrel.

 

Earlier in the day, the Caixin/Markit manufacturing PMI for October came in at 51.0, showing no change from its previous month reading. China's official manufacturing PMI for October came in at 51.6, falling short from expected values, rising doubts about demand levels in the future.

 

In Australia, the AIG manufacturing index stood at 51.1, against with a prior reading of 54.2. In Japan, the manufacturing PMI increased to 62.8. Analysts had estimated a 52.5 reading.

 

The American Petroleum Institute said crude inventories in the US dropped by 5.087 million barrels, while gasoline fell 7.697 million barrels and distillates were down 3.106 million barrels.

 

Analysts had forecasted a 2.575 million barrels draw in crude reserves, a 2.050 million barrels draw in gasoline and a 2.450 million barrels draw in distillates.

 

The Energy Information Administration will release official data at 14:30 GMT on Wednesday. API and EIA data might often differ significantly.

 

Crude benchmarks settled in green territory on Tuesday on the back of stronger speculation that OPEC and other independent producers will extend output cuts.

 

The Organization of the Petroleum Exporting Countries will meet on November 30 to discuss a potential extension of the agreement beyond its current March 2018 deadline.

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