Oil futures gain in Asian trading on Wednesday, adding to their overnight strength after the American Petroleum Institute data showed a bigger-than-expected decline in U.S. crude and gasoline inventories for last week.
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--December Nymex light sweet, crude on the New York Mercantile Exchange was up 0.4% at $56.42 a barrel in the Globex trading session. January Brent also rose by the same percentage margin to $61.17, while December gasoline rose 0.9% at $1.7475 a gallon.
--The American Petroleum Institute, an industry group, said late Tuesday that its data for the week showed a 5.1-million-barrel decrease in crude supplies, a 7.7-million-barrel decrease in gasoline stocks and a 3.1-million-barrel decline in distillate inventories. If the data is confirmed later Wednesday by the official Energy Information Administration data, prices could gain further, say traders.
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(END) Dow Jones Newswires
November 01, 2017 00:36 ET (04:36 GMT)