Crude weaker ahead of Asian open on Thursday after EIA figures

Petrol station in Singapore in the Geylang neighborhood; taken August 2018.

Crude oil prices appeared set to trade weaker in Asia on Thursday despite U.S. data on weekly inventories that was slightly more bullish than expected as the data also showed sharp production gains.

ICE Brent was last quoted down 0.59 percent at US$75.46 a barrel, while NYMEX WTI eased 0.51 percent to US$64.98 a barrel. Brent settled down 0.58 percent to US$75.47 a barrel on Wednesday. WTI lost 1.31 percent to US$65.31 a barrel.

U.S. crude oil inventories rose 3.22 million barrels in the week to 26 October, the Energy Information Administration said on Wednesday. That was less than the 4.11 million barrels gain expected.

Gasoline inventories fell 3.16 million barrels, the data showed, compared with an expected draw of 2.14 million barrels, while distillate stockpiles decreased 4.05 million barrels, compared with forecasts for a drop of 1.37 million barrels.

But that was offset by figures showing U.S. crude oil production jumped 416,000 barrels per day (bpd) to a record 11.346 million bpd in August, EIA said Wednesday.

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