TOKYO, Sept 8 (Reuters) - Oil prices extended gains by more than 1.5 percent on Thursday after industry data showed what might be the largest weekly crude stock draw in over three decades.
U.S. crude stocks surprisingly plunged 12.1 million barrels last week, data from the American Petroleum Institute showed after the market settlement on Wednesday, compared with expectations for an increase of around 200,000 barrels. API/S
If official data released from the U.S. government later on Thursday confirms the draw, it would be the largest one-week decline since April 1985.
The U.S. Energy Information Administration is set to release its inventory report at 11 a.m. EDT (1500 GMT).
London Brent crude for November delivery LCOc1 was up 74 cents at $48.72 a barrel by 0022 GMT, after settling up 72 cents on Wednesday.
NYMEX crude for October delivery CLc1 was up 84 cents at $46.34, after settling up 67 cents on Wednesday.
Japan's economy grew at a 0.7 percent annualised rate in the April-June quarter, revised up from a preliminary reading of a 0.2 percent expansion, Cabinet Office data showed on Thursday. hit a one-week high on Monday after Russia and Saudi Arabia agreed to cooperate on stabilising the oil market. Prices have since fallen due to uncertainty over a possible deal by producer nations to freeze output, particularly after a meeting in Doha in April ended without such an agreement.
The Organization of the Petroleum Exporting Countries and non-OPEC producers such as Russia are expected to discuss the issue at informal talks in Algeria on Sept. 26-28.