NYMEX crude rebounds in Asia after bearish U.S. stocks report

Crude oil prices rebounded in Asia on Thursday after a decline on U.S. supplies reaching an all-time high in weekly EIA data going back to August 1982.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $101.58 a barrel, up 0.13%, after hitting an overnight session low of $101.21 a barrel and a high of $102.07 a barrel.

Brent crude on the ICE Futures Exchange fell 16 cents, or 0.2%, to $109.11 a barrel on Wednesday.

Overnight, crude futures dropped after weekly supply data revealed the U.S. is awash in crude, though prices bounced back as a bearish report was already priced into trading.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 3.52 million barrels in the week ended April 18, surpassing expectations for a build of 2.27 million barrels.

Total U.S. crude oil inventories stood at 397.7 million barrels as of last week.

The EIA said total motor gasoline inventories decreased by 0.27 million barrels, compared to forecasts for a decline of 1.71 million barrels, while distillate stockpiles rose by 0.59 million barrels.

A report from the American Petroleum Institute late Tuesday showed U.S. oil inventories rose by 519,000 barrels last week, while gasoline stocks fell by 3.4 million barrels and distillate stocks increased by 570,000 barrels.

Crude prices fell on Tuesday in anticipation of a bearish supply report, though bottom fishing sent prices rising after the report published, with futures breeching into positive territory at times.