[Tokyo 11th Reuters]-Crude oil futures in Asia time rose. Buyers are leading the way, as crude oil stocks have fallen significantly below market expectations, according to weekly statistics from the American Petroleum Institute (API).
At 0053 GMT (9:53 am Japan time), the North Sea Brent futures <LCOc1> is $ 0.43 (0.7%) higher, 1 barrel = $ 62.81. US WTI crude futures are $ 57.87, up 0.47 dollars (0.8%).
In the previous day's transaction, US President Trump dismissed President Bolton (in charge of national security issues), and the speculation that Iranian crude oil would return to the market spread, and the crude oil price became soft.
However, crude oil futures rebounded in response to a decrease in US crude oil and gasoline stocks according to weekly statistics announced by API late in the day. In the week leading up to September 6, US crude oil stocks fell 7.2 million barrels to 421.9 million barrels. This was much less than the analyst expectation of 2.7 million barrels.
“The US has not changed its attitude (to Iran), and Saudi Arabia is desperate to tighten inventory,” said McKenna Macro strategist Greg McKenna. According to the API statistics, it is worth noting that the inventory has dropped significantly over 7 million barrels.
