Oil Futures Maintain Post-API Decline

By Biman Mukherji Features Dow Jones Newswires

Oil futures remained lower in midday Asian trading following late Wednesday's report from the American Petroleum Institute showed an increase in U.S. crude inventories last week.

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--November Nymex light, sweet crude oil on the New York Mercantile Exchange was recently down 0.5% at $51.04 a barrel in the Globex trading session. December Brent also fell 0.5%, to $56.65.

--The API, an industry group, said in its weekly inventory report that U.S. oil supplies rose 3.1 million barrels. That's in contrast to a modest decline projected to be seen in the government's own release later Thursday.

--Despite breaking through 50- through 200-day moving averages in recent weeks, "it will probably be hard for a well-supplied market, with net-long speculators, to move significantly higher from here," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

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

(END) Dow Jones Newswires

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October 12, 2017 00:36 ET (04:36 GMT)