Oil Prices Tad Down in Asia After Overnight Gains

By Biman Mukherji Features Dow Jones Newswires

Oil futures are down a tad in Asian trade Friday after prices snap a three-day losing streak overnight.

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--On the New York Mercantile Exchange, light sweet crude futures for delivery in September was recently down 4 cents at $47.05 a barrel in the Globex electronic session. October Brent crude on London's ICE Futures fell 3 cents to $51.

--Investors' focus remain on a rise in U.S. oil production, offsetting a decline in the amount of stored U.S crude oil last week.

--"The market's inability to rally despite green shoots is a concern, particularly as the summer driving season wraps up and we head into fall refinery maintenance," says Helima Croft, global head of commodity strategy at RBC Capital Markets. "As always, producer activity hangs in the balance."

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

(END) Dow Jones Newswires

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August 18, 2017 00:18 ET (04:18 GMT)