Oil drops on US gasoline build

Oil prices are trading positive in Asia after falling sharply on Wednesday on huge gasoline build reported by the American Petroleum Institute (API).

At the time of writing, WTI oil was trading 0.86% or 44 cents higher at 51.50/barrel. Brent oil was trading 0.90% or 50 cents higher at $54.40/barrel.

Prices fell sharply on Wednesday after API reported a massive gasoline build (9.75 million barrel increase). The buildup in gasoline stocks overshadowed a much bigger than expected drawdown in crude inventories.

The focus today is on the US government’s weekly oil inventory report.