Oil
prices edged up early on Wednesday after US crude stocks were
estimated to have dropped last week, stripping some supplies out of
an oversupplied market that has seen prices more than halve since
June 2014.
Industry
group the American Petroleum Institute reported that US crude
stockpiles fell 3.7 million barrels last week, with stocks at the
Cushing, Oklahoma delivery point for US crude futures alone down
almost 500,000 barrels.
US
West Texas Intermediate (WTI) crude futures CLc1 were trading at USD
46.56 per barrel at 0051 GMT, up 20 cents from their last settlement.
Globally traded Brent futures LCOc1 were at USD 49.19 per barrel, up
11 cents.
But
traders said some downward pressure was likely to build during Asian
trading.
"Oil, like other commodities, is in the middle of a glut. Most
say there are more than 2.5 million barrels in the market every day
that nobody needs," one crude trader said.
Pressure
could also build from other commodities, which have tumbled on the
back of China's economic slowdown.
Benchmark
copper CMCU3 on the London Metal Exchange closed down 3.6 percent at
USD 5,080 a tonne, its biggest one-day loss since July 7, while key
thermal coal futures closed at USD 50 a tonne, its lowest since 2003.
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