Oil Futures in Asia Tad Down After Overnight Gains

By Biman MukherjiFeaturesDow Jones Newswires

Oil futures are slightly lower in Asian trade Wednesday, following their overnight gains as U.S. oil demand picks up after refineries restart operations in the wake of Storm Harvey.

--WTI is trading down 0.2% at $44.56 a barrel on the New York Mercantile Exchange, after reaching its highest settlement since August 11 overnight. Brent is trading down 0.4% at $53.14.

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--Meanwhile, gasoline futures extended their weakness this week and were recently trading 1.3% lower at $1.6767 a gallon. Gasoline prices had surged to a two-year high last week.

--"Reports from various refineries suggest the damage hasn't been structural. And with many now making tentative steps to get back online, the outlook for crude oil demand in the region is looking better," said ANZ Bank in a note. "However, with another hurricane threatening to hit the U.S. coast, traders still remain cautious."

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

(END) Dow Jones Newswires

September 06, 2017 00:45 ET (04:45 GMT)