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.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.