Crude weaker on Thursday after API estimates

U.S. five dollar currency note; taken September 2018.

Crude oil prices headed lower on Thursday in Asia after U.S. industry estimates on weekly inventory levels set a bearish tone.

ICE Brent was last quoted down 2.82 percent to US$82.60 a barrel, while NYMEX WTI fell 0.75 percent to US$72.62 a barrel. Brent settled down 2.25 percent to US$83.09 a barrel, while WTI dropped 2.39 percent to US$73.17 6 a barrel.

US crude stocks 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared to an expected increase of 2.6 million barrels, The American Petroleum Institute said late Wednesday in the U.S. Supplies at the oil storage hub of Cushing, Oklahoma, delivery hub rose 2.2 million barrels.

Gasoline stocks rose by 3.4 million barrels, compared to an expected 42,000-barrel decline. Distillates eased 3.5 million barrels, compared to an expected 2 million-barrel drop.

Official data from the Energy Information Administration will come out on Thursday at 1030 U.S. EDT. The API and EIA data sets often diverge.

Hurricane Michael made slammed into the Florida Panhandle in the Gulf of Mexico overnight with winds as strong as 155 mph. The category 4 storm forced oil and gas drillers in the area shutting offshore and onshore operations.