Crude may rebound in Asia on Friday

U.S. one-dollar currency notes; taken September 2018.U.S. one dollar bills.

Crude oil may rebound in Asia on Friday after two days of sharp falls on a larger-than-expected build in U.S. crude oil inventories.

NYMEX WTI inched up 0.16 percent to US$71.13 a barrel ahead of Asian trade. ICE Brent settled down 3.41 percent to US$80.26 a barrel, while WTI dropped 3.01 percent to US$70.97 a barrel.

The Energy Information Administration reported a rise of 5.987 million barrels in crude stockpiles last week, more than double forecasts and largely confirming estimates released on Wednesday by the American Petroleum Institute.

Gasoline inventories unexpectedly rose 951,000 barrels, compared with expectations for a decline of 42,000 thousand barrels, EIA said, while distillates dropped 2.666 million barrels, compared with forecasts for a decrease of 2 million.

Oil cartel OPEC on Thursday cut demand forecasts for 2019 for its own crude to 31.8 million barrels per day (bpd) because of weaker demand.

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