The price of crude oil clipped back below $107 in Asian session Wednesday on demand concerns after a report showed pile up in US crude oil inventories last week.
Light Sweet Crude Oil (WTI) futures for April delivery, moved down $0.58 to $106.75 a barrel. Crude oil futures closed higher for a third straight day Tuesday, despite a strengthening dollar on some soft economic data from the U.S. Home prices in major U.S. metropolitan areas dipped to a 10-year low in January, while a Conference Board report showed a modest pullback in consumer confidence in March.
Tuesday after the market hours, the API said crude oil inventories jumped 3.60 million barrels and gasoline stocks added 1.3 million barrels in the weekended March 23.
by RTT Staff Writer
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