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Crude oil futures sustain overnight gains, looks to EIA data


Crude oil futures were higher during mid-morning trade in Asia Thursday, continuing to build on overnight gains which saw oil futures contracts on both international benchmarks rise by more than $2/b, ahead of the release of the US' inventory data later Thursday.

At 10:45 am in Singapore (0245GMT), ICE Brent November futures were up 35 cents/b (0.58%) from Wednesday's settle to $61.05/b, while the NYMEX October light sweet crude futures contract was up 27 cents/b (0.48%) at $56.53/b.

Moreover, supply risks stemming from geopolitical risks also supported crude prices, analysts said.

"Rising risk appetite saw the market's focus return to supply side issues," ANZ analysts said in a note.

Meanwhile, market participants would be looking for data on last week's US inventory level to provide further price direction.

Analysts surveyed Tuesday by S&P Global Platts expect US crude stocks to have declined by 3 million barrels for the week ended August 30.

More definitive data on last week's US inventory level is due for release from the US Energy Information Administration later Thursday.