MTECHTIPS:-Crude oil mixed in Asia after API figures, N Korea tension in focus


MTECHTIPS:-Crude oil mixed in Asia after API figures, N Korea tension in focus

MTECHTIPS-Crude oil prices were narrowly mixed on Wednesday after industry estimates showed far larger drop in U.S. crude stocks than expected with tensions on the Korean peninsula in focus as Pyongyang threatens Guam. On the New York Mercantile Exchange crude futures for September delivery eased 0.16% to $49.09 barrel, while on London’s Intercontinental Exchange, Brent was last quoted up 0.15% to $51.99 a barrel. Crude oil inventories dropped by 7.893 million barrels at the end of last week, the American Petroleum Institute said in estimates released on Tuesday, far more than the 2.2 million barrels decline seen. The U.S. Energy Information Administration will release its official weekly petroleum status report at 10:30 a.m. ET (1430 GMT) on Wednesday. Overnight, crude futures settled lower on Tuesday, as rising output from major oil producers offset reports that Saudi Arabia is planning to cut exports to Asia next month. North Korea said it is considering plans for a missile strike on the U.S. Pacific territory of Guam. The strike plan would be put into practice at any moment once leader Kim Jong Un makes a decision, a spokesman for the Korean People’s Army (KPA) said in a statement carried by the North’s state-run KCNA news agency.

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