TOKYO, Sept 8 Oil prices extended gains by more
than 1.5 percent on Thursday after industry data showed what
might be the largest weekly crude stock draw in over three
U.S. crude stocks surprisingly plunged 12.1 million barrels
last week, data from the American Petroleum Institute showed
after the market settlement on Wednesday, compared with
expectations for an increase of around 200,000 barrels.
If official data released from the U.S. government later on
Thursday confirms the draw, it would be the largest one-week
decline since April 1985.
The U.S. Energy Information Administration is set to release
its inventory report at 11 a.m. EDT (1500 GMT).
London Brent crude for November delivery was up 74
cents at $48.72 a barrel by 0022 GMT, after settling up 72 cents
NYMEX crude for October delivery was up 84 cents at
$46.34, after settling up 67 cents on Wednesday.
Japan's economy grew at a 0.7 percent annualised rate in the
April-June quarter, revised up from a preliminary reading of a
0.2 percent expansion, Cabinet Office data showed on Thursday.
Oil hit a one-week high on Monday after Russia and Saudi
Arabia agreed to cooperate on stabilising the oil market. Prices
have since fallen due to uncertainty over a possible deal by
producer nations to freeze output, particularly after a meeting
in Doha in April ended without such an agreement.
The Organization of the Petroleum Exporting Countries and
non-OPEC producers such as Russia are expected to discuss the
issue at informal talks in Algeria on Sept. 26-28.
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)