On Wednesday, crude prices dropped moderately in Asia, with the market shrugging off a much greater than expected build in American inventories reported by an industry group.
In London, April delivery Brent crude futures dipped 0.13%, being worth $55.77 a barrel. In New York, March delivery crude futures lost 0.43%, trading at $52.970.
Crude inventories leapt 9.94 million barrels the end of the previous week, which is more than expected, according to estimates from the American Petroleum Institute. Gasoline stocks ascended 720,000 barrels as well as distillate stocks soared by 1.5 million barrels.
Supplies at the Cushing oil hub went down by approximately 1.3 million barrels.
Official data from the US Energy Information Administration will be disclosed on Wednesday. A survey of analyst sees crude inventories grew 3.175 million barrels, while distillates along with gasoline supplies are each seen down by about 1.15 million barrels.
