Oil down after weekly US crude stocks exceed expectations

SINGAPORE :Oil fell in Asian trade on Wednesday morning, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening.

Data from the American Petroleum Institute on Tuesday showed U.S. crude inventories rose by about 3.3 million barrels in the week ended March 17, sources said. Traders and analysts will be looking out for data from the U.S. Energy Information Administration on Wednesday to see whether it confirms signs of weaker crude demand.

Following the meeting, Chair Jerome Powell is expected to unveil new economic projections and the central bank's path for interest rate hikes.

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Oil slips after unexpected build in US crude stocksSINGAPORE : Oil fell in early Asian trade on Wednesday, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening.Brent futures, which have risen more than 3 per cent this week, were down 48 cents, or 0.6 per
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »