(Corrects to say IEA not EIA in quote in paragraph 6 after
* Crude prices rise after falling as much as 3 percent on
* API reports 1.4 mln-barrel U.S. crude build for last week
* Libyan crude exports expected to resume
By Mark Tay
SINGAPORE, Sept 14 Oil prices rebounded in Asian
trade on Wednesday after falling by as much as 3 percent in the
previous session, as data from an industry group showed a
smaller-than-expected build in U.S. crude stocks.
The American Petroleum Institute (API) reported a crude
build of 1.4 million barrels for the week ended Sept. 9, smaller
than the 3.8 million-barrel rise expected by analysts. The U.S.
government will issue official inventory data on Wednesday.
Brent crude futures were trading at $47.34 per
barrel at 0103 GMT, up 24 cents, or 0.5 percent, from the last
U.S. West Texas Intermediate futures were up 29
cents, or 0.7 percent, at $45.19 a barrel.
Crude prices tumbled on Tuesday after the International
Energy Agency (IEA) said slowing oil demand growth amid growing
inventories and supplies could signal that the market will be
oversupplied at least through the first half of 2017.
"Oil came under heavy selling after the IEA released its
monthly report showing it expected the surplus in the market to
persist well into 2017," Australian bank ANZ said in a note.
"Weaker oil prices are likely to weigh on the sector, with
investor appetite remaining weak."
Gains in crude prices could also be capped by rising crude
exports from Libya after the country's National Oil Corporation
(NOC) said on Tuesday it would immediately start working to
resume crude exports from ports seized in recent days by forces
loyal to eastern commander Khalifa Haftar.
Libyan production could be raised to 600,000 barrels per day
(bpd) from about 290,000 bpd within a month, further adding to
the global crude supply glut.
(Reporting by Mark Tay; Editing by Ed Davies)