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Crude Slips Near $106 In Asian Session

The price of crude oil was moving lower in Asian session Wednesday after data revealed pile up of U.S. crude oil inventories last week.

Light Sweet Crude Oil (WTI) futures for April delivery, edged down $0.35 to $106.36 a barrel. Yesterday, oil ended higher on some positive retail sales data from the U.S., although trimmed gains after release of the Federal Reserve statement following its policy meeting.

Tuesday after the market hours, the API said U.S. crude oil inventories increased by 2.80 million barrels, while gasoline stocks fell 2.1 million barrels in the weekended March 09.

by RTTNews Staff Writer

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