Oil prices gain on hopes U.S. crude supplies will reveal a drawdown

Oil prices gathered steam in early Asia trade Wednesday on the prospect of a drawdown in U.S. crude stockpiles, though a global supply glut was keeping prices at three-month lows.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.13%  traded at $39.69 a barrel, up $0.17, or 0.4%, in the Globex electronic session. October Brent crude LCOV6, -0.22%  on London’s ICE Futures exchange rose $0.13 , or .0.3%, to $41.93 a barrel.

Week to date, U.S. oil prices have fallen 5.15%, as domestic stocks of gasoline have been usually high for this time of the year. Last week, the U.S. Energy Information Administration reported that at 241 million barrels, gasoline inventories were “well above the upper limit of the average range.”

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