Oil Rebounds Some in Asia After Further Overnight Selling

By Biman Mukherji Features Dow Jones Newswires

Oil futures rebounded some in Asian trading after fresh U.S. selling overnight as weekly output neared 2015's peak last week.

Continue Reading Below

--On the New York Mercantile Exchange, light sweet crude futures for delivery in September was recently up 0.3% at $46.91 a barrel in the Globex electronic session. October Brent crude on London's ICE Futures rose 0.5% to $50.52.

--Investors focused overnight on average daily U.S. oil production jumping to 9.5 million barrels, according to government data, and not the bigger-than-expected drop in crude inventories there.

--The Organization of the Petroleum Exporting Countries will probably need to make fresh announcements as this year's production-cap deal isn't having a "visible impact" on markets, said Li Li, research director at ICIS China.

Write to Biman Mukherji at biman.mukherji@dowjones.com

(END) Dow Jones Newswires

Continue Reading Below

August 17, 2017 00:15 ET (04:15 GMT)