World oil prices advanced towards $77 a barrel mark in Asian trade Wednesday mainly after reports of decline in US crude stockpiles.
Light sweet crud for November delivery was seen trading at $76.64 a barrel at 12.30 p.m noon Singapore time while Brent crude was at $79.25 a barrel in London.
Analysts said positive manufacturing data from world s second largest oil consumer, China also supported prices. An index of China s manufacturing rose to 52.9, the highest in five months, from 51.9 in August.
American Petroleum Institute (API) on Tuesday said U.S. inventories of distillates, a fuel category that includes heating oil and diesel, unexpectedly dropped by 2.8 million barrels in the week to September 24, pulling stockpiles 3.5 million barrels below year-ago levels.
The US Energy Department will release government statistics on inventories and demand later Wednesday.
Meanwhile, US National Hurricane Center said tropical storm warnings were issued for parts of Florida, Cuba and the Bahamas as a tropical depression threatened heavy rains and isolated tornadoes along its path.
On Tuesday, Light sweet crud for November delivery closed at $76.18 a barrel while Brent crude for November delivery settled at $78.71 a barrel.
Light sweet crud for November delivery was seen trading at $76.64 a barrel at 12.30 p.m noon Singapore time while Brent crude was at $79.25 a barrel in London.
Analysts said positive manufacturing data from world s second largest oil consumer, China also supported prices. An index of China s manufacturing rose to 52.9, the highest in five months, from 51.9 in August.
American Petroleum Institute (API) on Tuesday said U.S. inventories of distillates, a fuel category that includes heating oil and diesel, unexpectedly dropped by 2.8 million barrels in the week to September 24, pulling stockpiles 3.5 million barrels below year-ago levels.
The US Energy Department will release government statistics on inventories and demand later Wednesday.
Meanwhile, US National Hurricane Center said tropical storm warnings were issued for parts of Florida, Cuba and the Bahamas as a tropical depression threatened heavy rains and isolated tornadoes along its path.
On Tuesday, Light sweet crud for November delivery closed at $76.18 a barrel while Brent crude for November delivery settled at $78.71 a barrel.
