Crude oil prices turned higher Wednesday despite another round of disappointing economic data from top consumer China.
The American Petroleum Institute late Tuesday reported that crude supplies dropped 3.7 million barrels for the week ended Sept. 18.
That’s a much larger decline than markets were expecting.
Official data from the US Energy Information Department is out this morning.
In the meantime, U.S. crude oil for November was up 44 cents at $46.78 a barrel.
A Markit survey showed Chinese manufacturing activity fell to a six-and-a-half year low of 47.0 in September from a final reading of 47.3 in August.
The material has been provided by InstaForex Company – www.instaforex.com