WTI crude oil futures rebounded from around one-week low on Wednesday morning in Asia, supported by API data that showed US crude stockpiles fell by 4.2 million barrels for the week ending Aug. 1. The API reported a surge of 1.539 million barrels in the previous week. Gasoline inventories reportedly show a draw of 900K barrels for the week, distillate inventories show a build of 1.6M barrels, and Cushing inventories show a build of 1.7M barrels for the week. However, the upside for the black gold might be capped amid the Organization of Petroleum Exporting Countries and allies (OPEC+) output hikes.