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.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.