Oil prices gained on Thursday in Asia after the American Petroleum Institute (API) reported that U.S. crude inventories fell last week.
U.S. Crude Oil WTI Futures rose 0.7% to $57.51 by 1:08 AM ET (05:08 GMT). International Brent Oil Futures also gained 0.6% to $62.77.
The API reported that crude inventories fell by about 500,000 for the week ended Nov. 8.
Crude oil prices popped 1.11% following the report after settling 0.6% higher.
Analysts are expecting that the Energy Information Administration’s government data will show a rise of 1.65 million barrels in crude stocks for the week ended Nov. 8.