Oil futures are lacking direction in Asian trade at the start of the week, after Friday's jump in prices.
--On the New York Mercantile Exchange, light sweet crude futures for delivery in September was recently up 3 cents at $48.54 a barrel in the Globex electronic session. October Brent crude on London's ICE Futures was unchanged at $52.72.
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--Investors are weighing evidence of some slight declines in global stockpiles as well as a decline in the U.S. rig count, though investors appear unconvinced yet that the production caps led by the Organization of the Petroleum Exporting Countries are leading to market tightening.
--Despite sustained drawdowns in U.S. crude inventories, the market has so far largely failed to react, notes Ben Wilson, RBC Capital Markets oil and gas analyst.
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(END) Dow Jones Newswires
August 21, 2017 00:26 ET (04:26 GMT)