Oil Rebounds Some in Asia After Further Overnight Selling

Oil futures rebounded some in Asian trading after fresh U.S. selling overnight as weekly output neared 2015's peak last week.

--On the New York Mercantile Exchange, light sweet crude futures for delivery in September was recently up 0.3% at $46.91 a barrel in the Globex electronic session. October Brent crude on London's ICE Futures rose 0.5% to $50.52.

--Investors focused overnight on average daily U.S. oil production jumping to 9.5 million barrels, according to government data, and not the bigger-than-expected drop in crude inventories there.

--The Organization of the Petroleum Exporting Countries will probably need to make fresh announcements as this year's production-cap deal isn't having a "visible impact" on markets, said Li Li, research director at ICIS China.

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

(END) Dow Jones Newswires

August 17, 2017 00:15 ET (04:15 GMT)