U.S. oil prices extended gains in Asia on Wednesday on an unexpected stockpile draw and higher gasoline prices, while international crude markets were weaker on the back of low Asian economic growth expectations. Front-month U.S. West Texas Intermediate (WTI) crude futures were trading at $44.91 per barrel at 0453 GMT on Wednesday, up 32 cents from their last settlement. Internationally traded Brent futures were a bit weaker in comparison, gaining only 9 cents to $47.84 a barrel. The recent divergence in American and international markets has cut the discount of the U.S. oil to the Brent global benchmark by nearly two-thirds during the past month to around $2.50 per barrel. “We believe that this could be the market’s reaction to the decline in U.S. crude production (drilling) … further exacerbated […]