Oil Rebounds Some in Asia After Further Overnight Selling
Oil futures rebounded some in Asian trading after fresh U.S. selling overnight as weekly output neared 2015's peak last week.
--On the New York Mercantile Exchange, light sweet crude futures for delivery in September was recently up 0.3% at $46.91 a barrel in the Globex electronic session. October Brent crude on London's ICE Futures rose 0.5% to $50.52.
--Investors focused overnight on average daily U.S. oil production jumping to 9.5 million barrels, according to government data, and not the bigger-than-expected drop in crude inventories there.
--The Organization of the Petroleum Exporting Countries will probably need to make fresh announcements as this year's production-cap deal isn't having a "visible impact" on markets, said Li Li, research director at ICIS China.
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