Oil Futures Remain Lower Following API Report

By Biman MukherjiFeaturesDow Jones Newswires

Oil futures fell to near their lowest level in two weeks in Asian trading, with the U.S. benchmark at the psychologically key $50 a barrel level, as an industry group's report showed a sizeable jump in U.S. gasoline inventories last week.

--November Nymex light, sweet crude oil on the New York Mercantile Exchange was recently down 0.8% at $50.01 in the Globex trading session while gasoline dropped 1.2% to $1.5470 a gallon. ICE December Brent fell 0.7% to $55.61 a barrel.

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--The American Petroleum Institute said late Tuesday that gas supplies rose 4.2 million barrels last week, much more than what analysts expect Wednesday weekly government report to show.

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

(END) Dow Jones Newswires

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