Oil Prices Rise in Asia Following API Report

Oil futures rose in Asia trading Wednesday as an industry-group report said U.S. crude inventories logged another big drop last week.

--On the New York Mercantile Exchange, light sweet crude futures for delivery in September was recently up 0.4% at $47.74 a barrel in the Globex electronic session. October Brent crude on London's ICE Futures rose 0.5% to $51.06.

--The American Petroleum Institute said U.S. inventories fell 9.2 million barrels last week. That's triple the projected drop anticipated in later Wednesday's government report.

--If the Energy Information Administration's release confirms API's finding, Nymex futures could move back to $50, says OM Financial's Stuart Ive.

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

(END) Dow Jones Newswires

August 16, 2017 00:13 ET (04:13 GMT)